GBPJPY LONG
With this I am targeting previous highs.
I'm looking for a break and retest of the monthly zone, before entering long. That would be my first trade, I would take profit after the initial bullish run, unless it just moons on me.
To further believe that we are going up long term I would wait for a retest in the circle, where both monthly zones cross and enter again. My stop loss would be 20 pips very tight.
We've already broke the 50 fib level marked on the M timeframe, and my final target would be the 61.8. I see price breaking above this target and retracing down. If we are going up I don't see it breaking back down below the 50 fib level.
As long as I'm waiting for the setup to happen, there is no loss if price goes short.
I'm looking for a break and retest of the monthly zone, before entering long. That would be my first trade, I would take profit after the initial bullish run, unless it just moons on me.
To further believe that we are going up long term I would wait for a retest in the circle, where both monthly zones cross and enter again. My stop loss would be 20 pips very tight.
We've already broke the 50 fib level marked on the M timeframe, and my final target would be the 61.8. I see price breaking above this target and retracing down. If we are going up I don't see it breaking back down below the 50 fib level.
As long as I'm waiting for the setup to happen, there is no loss if price goes short.
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