Looking GBPJPY 5m chart, we can see Double bottom forming and neck marked with blue level.

gbpjpy-5m

I waited for price to retest neck area and then wait for retracement = reversal candle. Meantime Stochastics turn up again. Trade management is important here, since we could easy go up (retrace) on today’s down move for about 100 pips or even more, so no need to look only for 50 pips on this trade. Down move was more than 300 pips !

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