rhf_fx

GJ Analysis 04/10/2020 -- Update

Long
FX:GBPJPY   British Pound / Japanese Yen
I had already highlighted the two potential setups, buys were preferred as the traffic above to the left was much cleaner to our target at the next resistance zone .

Price broke above resistance on the 30m timeframe and before entering, I waited for support to form on the 15m timeframe.

Support then formed so my next job was to wait for a confirmation for my buy entry, this happened to be when the 5m candle broke above the high of the previous 5m candle. My stops were placed a few pips below the current 30m candle due to it being the last 5m candle before the hourly close. As price broke the high of the previous 30m candle, I secured profits and moved stops to BE, price then ran for 30 pips before I closed the remainder of my positions.

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