We have here a potential bullish engulfing setup on GBPJPY. It already took yesterdays lows, it was a double inside bar looking for breakout and we have trendline support. Placed a pending order with entry on yesterdays high, S/L on yesterdays low and ratio of 1:1, you can go for 2:1 if you would like. I would just like to be out of the trade and take the money ASAP.
We have a potential bullish engulfing setup with trend line support. It is also a double inside bar on the daily looking for breakout and trend continuation. Placed a buy stop with 1:1 ratio. S/L yesterdays low and Entry yesterdays high. 1.5:1 is also a good ratio.
It looks like the end of a mini phase 2 on the daily. May go down on the next 4 hourly bar. May confirm retest on horizontal 1.25596 and then will drop down.
