GBP/JPY - LONG
Bit more of an educational post for newer traders to hopefully learn from. Basic insight on a clear chart of how support and resistance levels and price structure works. We can see with every down trend and break below support we have a pullback and retest of support turned resistance. Likewise now we are in an uptrend with some strength in the pound for every big move to the upside, we always have some consolidation, to put it simply some sideways movement before we see a continuation to the upside. We have this structure again on the 1H time frame whereby we have had a break above resistance, a pullback and retest, just waiting for a break above to go long.
Of course this doesn't happen 100% of the time, trading is a game of probabilities and being consistent over the long run with good risk management.
I hope this post helps some traders who may be struggling to identify trends and understanding price action in the market!
Of course this doesn't happen 100% of the time, trading is a game of probabilities and being consistent over the long run with good risk management.
I hope this post helps some traders who may be struggling to identify trends and understanding price action in the market!
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