If you are looking for a bullish move on the GbpJpy this month, now is the perfect entry.
Support is holding at 139.5, which is also a 61.8 fib of the January rise.
We are at the Daily, weekly, and Monthly M2 so an order on in 3 parts could run to their targets = M4; day, week, month.
Consider upper areas of resistance when choosing exit targets.
Caution: lost of news this week- manage stops.
Caution: this is an aggressive buy in a down trending market )(based on weekly chart)
The charts in view are 5 min on left, 30 min center, 4 hr right
I am in at the gray circle around 139.350
If not in yet, look for a news trade retracement entry, or bounce off a daily m2 or central pivot.
the daily reward is 3, The weekly target is a 2 or 3 reward, and monthly is 8 reward or more, VS the stops I used.
3/8/2017 trade result. For me this was a net break even. 25p on my daily trade. (it went up about 50p from my entry.) Break even on my weekly trade. Small loss on my monthly trade. I had set my stops close as this was a higher risk counter trend trade.
upon reviewing in my journal, I was nervous about this trade from the start. I should have stayed with the trend, and waited for the counter trend trade to turn, and provide a better selling entry with the trend.