If you looked back at my previous GBPUSD post you will find a very similar setup to what this GBPJPY is.
Basically this level was determined from a daily time frame. After finding a level off the daily I scaled into the lower timeframes which allowed me to use these thin black lines. Top line was the closure of the daily candles previously and the lower line is where price pushed through before retracing allowing me to find a stop loss placement.
Take profit just targeting the recent highs and making this a nice 2% gain on the trade. If you have any questions let me know!
Basically this level was determined from a daily time frame. After finding a level off the daily I scaled into the lower timeframes which allowed me to use these thin black lines. Top line was the closure of the daily candles previously and the lower line is where price pushed through before retracing allowing me to find a stop loss placement.
Take profit just targeting the recent highs and making this a nice 2% gain on the trade. If you have any questions let me know!
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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.
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.