GBPJPY has recently been on an uptrend. There is a descending triangle with a horizontal support at around 148.815. Price moved down breaking and closing below the horizontal support and also the support of the uptrending diagonal channel. As such, I am expecting that level to serve as the new resistance and hold upon retest. Accordingly, I am placing a sell limit at 148.815. Stop loss is based on ATR x 2 while the take profit target would have the same number of pips by default. I will cancel this pending order if price goes to TP1 before getting triggered.
Trade Setup: Trend Reversal
Price Entry 148.815
SL 149.715 | SL pips 90.0
TP1 147.915 | TP1 pips 90.0
RRR1 1.00
Trade Setup: Trend Reversal
Price Entry 148.815
SL 149.715 | SL pips 90.0
TP1 147.915 | TP1 pips 90.0
RRR1 1.00
Comment:
This setup is canceled as price did not retrace to 148.815 before going to TP1. (May 23)