GBPJPY Support and Resistance Trading Strategy
Updated
STRATEGY: S&R Trading Strategy
ID: 1209
1D Analysis
MS: Sideways - Price is moving in a range
1H Analysis:
CP: Ascending Channel - Price is moving inside the Ascending Channel. However, price failed to break above minor resistance of 140.597. It also looks like price made a pullback under the Ascending Channel.
Price closed with Bearish Engulfing which act as our Entry Trigger (ET).
Short Position
SL: Just above the Minor resistance (140.618)
TP: 2.19R - Just before Major Support
Note: This post is my personal journal/opinion only. Please trade at your own risk.
ID: 1209
- Analysis TF: 1D
- Focus TF: 1H
- AOV: Minor Resistance Area
- ET (1H): Bearish Engulfing
- CP: Ascending Channel
1D Analysis
MS: Sideways - Price is moving in a range
1H Analysis:
CP: Ascending Channel - Price is moving inside the Ascending Channel. However, price failed to break above minor resistance of 140.597. It also looks like price made a pullback under the Ascending Channel.
Price closed with Bearish Engulfing which act as our Entry Trigger (ET).
Short Position
SL: Just above the Minor resistance (140.618)
TP: 2.19R - Just before Major Support
Note: This post is my personal journal/opinion only. Please trade at your own risk.
Trade active
Price moved on our favor. Moved the SL to intentionally choke the price. Previous TP target might not get hit so I moved up the TP equal to the low of the latest pinbar as this is a sign of weakness. Trade active
Also added Trailing Stop = to new SL just to make sure.Trade closed: stop reached
Closing: TS got hit. Excellent Trade though! Thank you Lord!
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.