GBPJPY trade idea - simple and logical
Updated
1. Respected Fib levels
2. Clear downtrend channel
3. Shooting star at the top of the channel, R1 pivot point, and the fib level on H4 (as of writing this post, 1 hour before candlestick close).
First TP target in the middle of the channel and Fib level 38.2. Second TP target in the end of the channel and Fib level 50. Stop loss at 1.5x ATR above the 23.6 level.
2. Clear downtrend channel
3. Shooting star at the top of the channel, R1 pivot point, and the fib level on H4 (as of writing this post, 1 hour before candlestick close).
First TP target in the middle of the channel and Fib level 38.2. Second TP target in the end of the channel and Fib level 50. Stop loss at 1.5x ATR above the 23.6 level.
Trade closed manually
TP1 Reached. Closed 1/2 of position.Trade closed: target reached
Downtrend is getting very weak at the 38.2 level, decided to sell the rest of the position.
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