Analysis
-GBPJPY looking bullish after showing signs of reversal. Sellers pushed price down into support but buyers came in and bought it up before the daily candle close.
-The price action resulted in a spinning top setup AT SUPPORT which is a bullish sign.
-On the 1H time frame, price just broke a bearish trendline to the upside.
-The reward/risk is good for the setup (given the distance between daily S/R levels)
Entry, Stops and Targets
-Long Entry: 144.34 (Enter long after price pulls back, never chase a trade)
-Stop Loss: 143.76 (Set stop below the daily reversal candle or swing low on the 1H chart)
-Take Profit: 145.5 (Set target at a minimum of 2 times your stop, depending on entry)
= 2R
*Trade Safe and trade at your own discretion!*
-GBPJPY looking bullish after showing signs of reversal. Sellers pushed price down into support but buyers came in and bought it up before the daily candle close.
-The price action resulted in a spinning top setup AT SUPPORT which is a bullish sign.
-On the 1H time frame, price just broke a bearish trendline to the upside.
-The reward/risk is good for the setup (given the distance between daily S/R levels)
Entry, Stops and Targets
-Long Entry: 144.34 (Enter long after price pulls back, never chase a trade)
-Stop Loss: 143.76 (Set stop below the daily reversal candle or swing low on the 1H chart)
-Take Profit: 145.5 (Set target at a minimum of 2 times your stop, depending on entry)
= 2R
*Trade Safe and trade at your own discretion!*