I've been waiting for this move all week, we now see a clear opportunity to get a solid 1:4 risk to reward on this thing. HAPPY TRADING!
Saw this on the monthly timeframe, large hammer formed and now setting up my take profit at the 61.8 rib level. Expecting this to play out over the next couple of months. I'm using a tight stop loss due to my position size which in hindsight was slightly too big for this play but should be interesting all the same. Hazzah!
Brief analysis on GBPJPY - looking closely at this level for reversal patterns to show we are going back to the upside. Further continuation of the short-term down trend observed today would require a break of the red-trendline as shown. Looking to take small positions and, later, higher margin positions to maximise on the move in either direction. It is Friday as...