We will be looking for a 3rd, possibly 4th tap of the resistance. Appying the 1% rule to this trade, i will split my overall into 2 trades. ...
1st trade will be the 3rd tap with a 35-40pip S/L.> as GBPJPY you will want a bigger S/L as it moves faster and most spreads reach for S/L's....
2nd trade will be the possible 4th tap of the resistance, to hopefully get adn even better entry, Presuming the price will break out of the wedge to the downside.
Another thing to consider is GBPJPY's impulses. Ive been noticing 90-110 pip impulses. the most recent impulse was 260 pips.
Although the impulses have been this big, this next impulse to the downside will be the length of the LOWEST point near entry of the ascending broadening wedge, and will go as far as the HIGHEST point within the wedge.
I will set my T/P the distance FROM the breakout of the wedge equal to whatever length the wedge ends up being. I expect the wedge to ascend around 100pips from the ENTRY point LOW. . Therefore, i will hope to pick up 100Pips before closing out all of my positions. Of course closing half of each position at 50pips wihtin that move.
This is NOT financial advice! This is my OWN Speculation of GBPJPY at this given moment.
Hope you enjoy!~
1st trade will be the 3rd tap with a 35-40pip S/L.> as GBPJPY you will want a bigger S/L as it moves faster and most spreads reach for S/L's....
2nd trade will be the possible 4th tap of the resistance, to hopefully get adn even better entry, Presuming the price will break out of the wedge to the downside.
Another thing to consider is GBPJPY's impulses. Ive been noticing 90-110 pip impulses. the most recent impulse was 260 pips.
Although the impulses have been this big, this next impulse to the downside will be the length of the LOWEST point near entry of the ascending broadening wedge, and will go as far as the HIGHEST point within the wedge.
I will set my T/P the distance FROM the breakout of the wedge equal to whatever length the wedge ends up being. I expect the wedge to ascend around 100pips from the ENTRY point LOW. . Therefore, i will hope to pick up 100Pips before closing out all of my positions. Of course closing half of each position at 50pips wihtin that move.
This is NOT financial advice! This is my OWN Speculation of GBPJPY at this given moment.
Hope you enjoy!~