The808Trader

Pound Strength To Continue? - Icimoku GBP/JPY Long Trade Setup

Long
FX:GBPJPY   Livre sterling / Yen japonais
This pair made the bearish move we were looking for before finally finding some support and rising over the past week and a half or so. We went into the kumo, broke out, fell to test support, and have now started rising. I am looking for that similar drawback and testing of support for a chance to enter into a buy. I've set my entry level near the wicks of the previous resistance we saw. This is not a setup that I will be setting a limit order for, I will need to watch to make sure that we see support form at that price structure level before I dive into a new position. If we can form a good support candle there or show some good price interaction at that level I will get long, hoping for my long term swing target I've drawn out. I also have some partial take profit level I'll be aiming for, should I get a good entry. If we fail to get a good drawback, resistance doesn't hold, or we lose our bullish signs, this setup may become invalidated.

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