GBP/JPY Trade Plan (15 October 2017)
View: Bullish GBP/JPY
Price has broken former Resistance at 147.50 which is now support
Trigger: When price touches 147.50 former resistance turned support and 38.2% fib. retracement
Trade: Buy GBP/JPY at 147.50
Stop Loss: 146.693 (15 pips below last significant swing low 146.943).
Trail order as the trade moves into the money.
Target Price: 155.50 (Height of broken channel 139.50-147.50: 800pips)
Max gain: 800pips
Max Loss: 81pips
May your trades be profitable.