GBPJPY 4HR Rising Wedge Nearing Breakpoint
Updated
As we can see looking at the GBPJPY chart, it looks like a very obvious rising wedge pattern is about to break, with an acceptable volume push.
Once a bar fully breaks below the pattern (risky), or after one full bar has opened and closed below (fully confirmed) we can enter.
Our target should be approximately $2.88 move or around 2.1%, multiply that by our chances of successfully reaching target (0.63 or 63%) and we get a target of....
TP: $135.234
SL: Swing high or ~137.94
This gives us an R/R of around 2.1
Pattern info and target percentages here: thepatternsite.com/risewedge.html
Once a bar fully breaks below the pattern (risky), or after one full bar has opened and closed below (fully confirmed) we can enter.
Our target should be approximately $2.88 move or around 2.1%, multiply that by our chances of successfully reaching target (0.63 or 63%) and we get a target of....
TP: $135.234
SL: Swing high or ~137.94
This gives us an R/R of around 2.1
Pattern info and target percentages here: thepatternsite.com/risewedge.html
Note
We have bounced at the same level twice now, so the market may be turning.To be sure we maintain profit I am moving SL to breakeven + a few pips to garuntee small proft and remove all risk.
Trade closed manually
Trade reached our "break-even + a few" point and has closed with minimal profit.
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