Plan 2 - GBPJPY
Buy from Support trend line up to resistance. Lowest support just about sits below the support trend line when the market will reach entry zone.
3 TP set up allowing more flexibility to this GBP set up. TP1 is already aiming at 260 pips alone. Option to close trade there and move on or invest properly and go all the way to TP3.
As we forecast uptrend for this day, so Forecast City suggests buy (limit) above S1=139.8.
But the short term forecast is range bound, so we expect to reach the following targets:
Set the stoploss of these orders at breakout of S2=139.55.
Stop and reverse:
If trend gets reversed, sell (stop) orders will be opened at breakout of...
Looking at Euro versus New Zealand dollar which is flagging up as extremely overbought on daily stochastics and RSI after moving another 50 pips higher overnight. On our trading view chart we have drilled down to 4 hourly candles to highlight the pair is hitting resistance levels dating back to January which had already been tested at the start...
I'm waiting for a clear break of this trend line and will then go long on this pair to fill the gap above.
I'm expecting some downward consolidation before this break takes place.
Trade safe and good luck!
Our GBPAUD trade setup hit target and came back up towards our previous entry point. Closing half the position at the previous target level would be a good idea to secure profits if momentum doesn't build up.
See related ideas below for the previous trade.