It looks like it might be time for GBP/JPY to come down a bit again. There is an extremely well-respected descending channel and potential flag on the 4 hour chart.
TELL ME IN THE COMMENTS SECTION WHAT YOU GUYS THINK ABOUT GBP/JPY CURRENTLY!
PLEASE NOTE: I am starting a compound challenge where I will attempt to turn $20 into $10,000 by doubling my account (while risking 50%) for 9 straight trades. This is why my take profit is set where it is. In reality I would be looking to TP at the bottom of the channel but if price rejects at the previous low it would create a triple bottom and would likely break the channel on the next move upwards. Only time will tell.
PLEASE ALSO NOTE: I don't use stop losses unless I am locking in some profit. Therefore what I will be looking for is a 4 hour candle close above the current descending channel to signal a break and an exit for me.
TELL ME IN THE COMMENTS SECTION WHAT YOU GUYS THINK ABOUT GBP/JPY CURRENTLY!
PLEASE NOTE: I am starting a compound challenge where I will attempt to turn $20 into $10,000 by doubling my account (while risking 50%) for 9 straight trades. This is why my take profit is set where it is. In reality I would be looking to TP at the bottom of the channel but if price rejects at the previous low it would create a triple bottom and would likely break the channel on the next move upwards. Only time will tell.
PLEASE ALSO NOTE: I don't use stop losses unless I am locking in some profit. Therefore what I will be looking for is a 4 hour candle close above the current descending channel to signal a break and an exit for me.
Nota
My TP has been hit and I have closed my trade. Make sure if you took this trade to place a stop loss at break even or in profit.If you want to continue to hold, wait until it reaches the bottom of the channel to close.
Dagangan ditutup: sasaran tercapai
This trade did exactly as I expected. It hit the lower trendline (which was my ultimate TP for this trade) and then went right back up to the upper trendline. Too bad I wasn't home to take the buy lol.
I've been taking buys and sells at the bottom and top of the channel for a while now so it would've been an easy 200 pip day just based on G/J.
Next time I guess.
Let me know if you followed this trade and made money!
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.