GBPJPY Break or bounce? long but, only if a break at 148.440....
Summary.
This is the 3rd touch of the key level will it break or bounce? I am going to look to buy the break out at 148.440 set buy stop at 148.500 the risk reward here is 1:5.7. there also might be a retest of this area once broken and if this happens i will be looking for a strong bullish move.
follow profits with SL.
if there is a rejection i will have a sell stop at 146.700 risk reward is 1:>2. follow stops here as the bulls may take over before the trend line has been touched.
when break out or break down happens use the closes line to the break as your stop. the risk will be very small but higher chance of getting stopped out.
if you want to give it more room use the RR ratios that i have drawn.
This is the 3rd touch of the key level will it break or bounce? I am going to look to buy the break out at 148.440 set buy stop at 148.500 the risk reward here is 1:5.7. there also might be a retest of this area once broken and if this happens i will be looking for a strong bullish move.
follow profits with SL.
if there is a rejection i will have a sell stop at 146.700 risk reward is 1:>2. follow stops here as the bulls may take over before the trend line has been touched.
when break out or break down happens use the closes line to the break as your stop. the risk will be very small but higher chance of getting stopped out.
if you want to give it more room use the RR ratios that i have drawn.
Trade closed: target reached:
Trend line was hit but the market turned around and would of stopped us out for tasty profit