GBPJPY Pullback trade +195 pip Potential
Updated
Even though GBP has been dominating for over a week now, it is, imho,over extended
and ripe for a pullback.
The Monthly and Daily are still, despite it's recent strength, still bearish
Resistance has formed at 143.55 and has been rejected once (double top)
The Resistance level is in close proximity to the Daily Senkou A, which is
a very strong Resistance level.
The RSI is Overbought and descending.
Entry can be had on a retest of the 143.55 level or a candle formation rejected at that level
or you can wait to see if the Daily Senkou A is tested.
Entry = 143.55
Stop = 143.95
Risk = 40 pips
Profit Target = 141.60 (the 60 Senkou A)**
Reward = +195 pips
RRR = 4.8 - 1
** it should be noted that the future cloud is ascending and the profit target
will have to adjusted to where price meets it.
and ripe for a pullback.
The Monthly and Daily are still, despite it's recent strength, still bearish
Resistance has formed at 143.55 and has been rejected once (double top)
The Resistance level is in close proximity to the Daily Senkou A, which is
a very strong Resistance level.
The RSI is Overbought and descending.
Entry can be had on a retest of the 143.55 level or a candle formation rejected at that level
or you can wait to see if the Daily Senkou A is tested.
Entry = 143.55
Stop = 143.95
Risk = 40 pips
Profit Target = 141.60 (the 60 Senkou A)**
Reward = +195 pips
RRR = 4.8 - 1
** it should be noted that the future cloud is ascending and the profit target
will have to adjusted to where price meets it.
Order cancelled
Unfortunately price did not pullback to our entry before dropping. That is going to happen sometimes when we are trying to be near perfect with our entries :)
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