GBPJPY has created a head and shoulder pattern, however this is not the only reason for entering.
Price has tried breaking out from 142.800 however could not, we got a retest and a nice bodied bearish candle.
I entered on the Bearish candle on the right shoulder but this is a good opportunity to get another entry in as price is currently just retesting the...
Confluences:
Support region/Line + 15 min Double bottom
How will I enter ?
I will wait for a clean break above zone and retest once a bullish candle forms I will buy.
Take profit - Is in the region of of 85-95pips.
Stoploss will be 25-30 pips.
We are looking at a 1:3 risk to reward ratio.
