gbpjpy buy idea

gbpjpy has broken out of its downtrend and is going back to retest lows to see if price holds. if price bounces we can get in on the change of direction. my targets here will be 38.2 and 61.8. entry will be in the break of my yellow trendlines. one is an accelerated trendline for a more precise entry and the other is my regular trendline that once broken is confirmation for a buy. a break of the accelerated trendline will have to be examined carefully on the 1hr to make sure this is the breakout that will lead to the bullish trend. if not then we will buy the breakout of the regular downtrend yellow line.
tp2 gets moved in profit and manually trailed until the 61.8 target. if price reverses then we close in profit, not as break even.

buy gbpjpy setup
entry: breakout
sl: low before the breakout
tp1: 134.381
tp2: 137.666

risk: to be determined
potencial gain: aprox 675 pips

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*liability disclaimer*: all the trade setups i publish are my personal view of the markets and or my personal trading plan. if you plan on using my setups as trading signals then do your own research. you are responsible for managing your entries, exits, profits and losses.