GBPJPY (1Hour): Will the bulls gain strength??
Hello pip hunters, this is my idea on GBPJPY for the next few days, enjoy!!!
Reward:288 pips🤑
Risk: 35 pips❌
Risk/Reward Ratio:8.47✅
Chart Break down:
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DR.Swing_Forex
Reward:288 pips🤑
Risk: 35 pips❌
Risk/Reward Ratio:8.47✅
Chart Break down:
- Daily: On the daily timeframe we have an overall bullish trend and also a break of a downtrend trendline + retest of support, which gives us a bullish setup.
- 4 Hour:On the 4 hour we only see a nice uptrend in place giving us further reason to buy.
- 1 Hour: This is the timeframe where the buy signal is confirmed. We have and uptrend trendline + a bullish trend continuation as price intersected the previous lower-high of the minor downtrend.
Furthermore, price formed a bullish hammer on the green support giving us an indication the the downward trendline might be broken. Entry is based on the 15min bullish harami formed at support.
Extra confirmation and a potential scale-in will take place after price closes above the downward trendline.
Please share your comments and like if you agree with the idea👍
Please follow for more quality ideas!!!
DR.Swing_Forex