GBPJPY 1 Hour channel set up, wait for Stochastic to turn - Long

There is a channel forming and while at the base the Stochastic indicator is in oversold territory. the label 'Potential Trade' show a 4 to 1 trade at these levels, but we will wait until we get the stochastic turning up to get a confirmed entry signal. Then we will set up the stop loss and take profit levels. The main stop loss will probably be at the orange support line area. The moving averages are also indicating bullish momentum.

Order cancelled:

I never activated the trade as the price fell below the channel during European trading hours while the stochastic was above oversold levels.