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British Pound / Japanese Yen
Updated

Support and Resistance

75
A Daily significant level that was chosen had a price action that was deemed bullish. Expecting the price to retrace to a Fibonacci 61.8 level (which is in the same area as another chosen monthly significant level for TP. SL is set slightly below the wicks of previous daily bars. R:R is 1:3 for this.
Trade closed: target reached
Was stopped out 1st time around as SL was too tight.
But the trading plan was still valid as long as the price didnt clear the 2 orange support zones. Position was taken again after rejection of support zone and this time around TP was hit.
Hungrypippo
Chart PatternsWave Analysis

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Chart PatternsWave Analysis
Hungrypippo

Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.