If double/triple bottom hold, long GBP/JPY (ambitious target)
Updated
I've already gone long as you can see from the chart, as I was hopeful the double/triple bottom would hold. Possible target is a little under the 50% retracement of the previous large down move (193.4 ish), or one could try the 38.2% retracement (around 193.0). Stop loss could either be low to protect from volatility and in case of breaking bottom first before retracement (below 188) or tight below the bottom line after asian market opens and spread is less.
Note
I've added partial take-profits at key levels on the way up, and I will move my SL tighter and then into profit at some point.Trade closed manually
I closed my trade manually in profit at 9:29 UTC (at 189.957) because (a) the bottom had been broken so my strategy was invalidated, although it may still reach target without hitting my SL eventually, and (b) it was in profit, (c) some indicators I use suggested resistance soon, (d) RSI on 1m was over 70 so I was expecting a local pullback soon.Note
I originally took a partial profit, then re-opened the same lot amount lower, before closing both trades around the same time. Profit: +105.6 pipsNote
The bottom was broken following GBP UK Retail Sales poor result, so this could be a fake breakout, but probably not worth the risk holding over the weekend and with Japan interest rate decision on Thursday next week.
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