GBPJPY found important support level!!

traders we got a very nice breakout on the beartrend that lasted so long. everyone who took shorts on that ride down made a very nice amount of pips. i had predicted its retracement zone by looking at my weekly charts around the 163.9195 and precisely there the market reversed and broke out to the upside. we have a perfect oportunity for longs next week so whoever wants to get in on some pips should watch this pair. now we have here our setup on this pair with 4 targets to be hit and fairly tigh stop loss giving a nice R/R. i put my stop loss at the next level because i feel price action shouldnt even enter the next level's zone if it will continue going up. the stop loss happened to have fibonacci confluency with the 78.6% level accepting any 61.8% retracements if they occur. on the upside though we have our targets for the next few levels which make for a very nice profit if all of them are hit. i am waiting for that small retracement to find support and confirm this trade

Transaction en cours:

targets 1 and 2 have been hit. I left a comment to run your own analisis for entries and exits so if you happened to run further analisis and gave the market a little more breathing room then you probably didn't get stopped out.

Trade fermée: cible de profit atteinte:

last target was reached. we have to watch this pair closely to see how the market will move out of that last zone

Commentaire:

analysis 4, great analysis. great counter trend swing trade, little knowledge about market movement and wave structure so not thebest entry(sholdve been a 38.2) and not the best stops(shoudlve had better entry and pulled out fibs for stops). still deffinetly a good analysis for beginner days. post 4, grea stuff even reversal at fourth target. have improved entries and sl in my analysis so i have learned from this. 3/1.