Here on GPBUSD price break a a trendline and show it going to moving down after the retest and targeting profit should be around psychological level of 1.26500
USD JPY TRADE SET UP.
USD JPY has reached the daily resistance level and is showing multiple rejections and wicks on the daily timeframe, so we are looking to SELL.
We need to scale down to the lower timeframe to find patterns and confirmations to get a sell entry..
Here the price has reached a psychological level of 1.29000 forming a rejection and looking at Elliote Wave we can see that is pointing down which means going for SHORT is needed and targeting profit should be around psychological level of 1.28000 and 1.27000 .
Price has been in uptrend and make some drop down . Look at elliote wave we can see that is also predicting BUY and that means our profit target should be around psychological levels of 27000 - 28000
i see GBPUSD bullish as it is in bullish trend and after a little retracement.
Reason for this trade:
1. Trend Line rejection.
2. Bulish trend coninuation
3. Rejection at Fib 0.618 level
4. Retest of RSI 50 Level
Break nice zone + Nice continuation correction in GBPUSD
you can wait for confirmation to Buy
SL: 50 pips
TP: 200 pips
money management really important!
Let's cook'n some pips
@mdrtrader
