GBP/JPY The Cup is Full, and the Handle is Ready
Pattern Formation
This chart presents a classic cup-and-handle pattern, signaling a bullish continuation setup. The "cup" reflects a rounded bottom, showing gradual recovery from bearish momentum, while the "handle" consolidates before a potential breakout.
Key Levels
1. Resistance Turned Support (Neckline)
The breakout level at 191.528 marks a critical horizontal resistance, now acting as support post-breakout.
2.Entry Point
Entry was triggered above the neckline at 191.528, confirming the breakout with strong bullish momentum.
3. Stop Loss
Placed at 189.230, below the handle's low, providing a buffer against invalidation of the setup.
4. Take Profit
Positioned at 194.712, based on the measured move projection of the cup-and-handle pattern. Also make sure to close position by taking profit gradually and after first tp you book move SL to entry
Risk-to-Reward (R:R)
This trade offers a favorable R:R ratio of approximately 1:3, aligning with sound risk management principles.
Technical Indicators
Trendlines
A prior descending trendline was invalidated, strengthening the bullish bias.
Momentum
The strong upward candles leading to the breakout signal buyer dominance.
Trade Psychology
The pattern represents market accumulation, as buyers steadily absorbed selling pressure. The breakout indicates renewed interest and potential continuation of the bullish trend.
Market Context
Given GBP/JPY's strong upward momentum and confirmation of the breakout, this setup aligns with both the technical pattern and prevailing trend.
Disclaimer
Ensure to monitor price action and adjust the trade plan if market conditions change. Always use proper risk management.
This chart presents a classic cup-and-handle pattern, signaling a bullish continuation setup. The "cup" reflects a rounded bottom, showing gradual recovery from bearish momentum, while the "handle" consolidates before a potential breakout.
Key Levels
1. Resistance Turned Support (Neckline)
The breakout level at 191.528 marks a critical horizontal resistance, now acting as support post-breakout.
2.Entry Point
Entry was triggered above the neckline at 191.528, confirming the breakout with strong bullish momentum.
3. Stop Loss
Placed at 189.230, below the handle's low, providing a buffer against invalidation of the setup.
4. Take Profit
Positioned at 194.712, based on the measured move projection of the cup-and-handle pattern. Also make sure to close position by taking profit gradually and after first tp you book move SL to entry
Risk-to-Reward (R:R)
This trade offers a favorable R:R ratio of approximately 1:3, aligning with sound risk management principles.
Technical Indicators
Trendlines
A prior descending trendline was invalidated, strengthening the bullish bias.
Momentum
The strong upward candles leading to the breakout signal buyer dominance.
Trade Psychology
The pattern represents market accumulation, as buyers steadily absorbed selling pressure. The breakout indicates renewed interest and potential continuation of the bullish trend.
Market Context
Given GBP/JPY's strong upward momentum and confirmation of the breakout, this setup aligns with both the technical pattern and prevailing trend.
Disclaimer
Ensure to monitor price action and adjust the trade plan if market conditions change. Always use proper risk management.
Trade fechado: objetivo atingido
Another Massive Profits for all my Followers ! If you haven't followed me yet , you are missing a lot of free money i would say ! :) Hit the Follow button for more. Stay Tuned 😁
Aviso legal
As informações e publicações não devem ser e não constituem conselhos ou recomendações financeiras, de investimento, de negociação ou de qualquer outro tipo, fornecidas ou endossadas pela TradingView. Leia mais em Termos de uso.
Aviso legal
As informações e publicações não devem ser e não constituem conselhos ou recomendações financeiras, de investimento, de negociação ou de qualquer outro tipo, fornecidas ou endossadas pela TradingView. Leia mais em Termos de uso.