jvaledon

Long Swing Trade on GBPJPY Based On The Weekly Chart

Penjualan
jvaledon Diupdate   
FX:GBPJPY   Pound Inggris / Yen Jepang
Long Swing Trade on GBPJPY Based On The Weekly Chart

Here price is touching a support zone that has not been touched since August of last year, exactly one year ago actually. I do respect weekly zones as price tends to bounce strongly, although a lot slowly off of them. My bias will be long on this pair but I will be trading smaller lot sizes because first the price is currently farther from the entry point (previous support) as I would like and second, although my target would be previous resistance at around the 145.000 level you could never be too sure. My risk reward is about 2.5:1 on this trade but because price has been very bearish the last 4 weeks I will close half of my position after price hits the 142.500 mark which is another level on the 4 hour chart and then I will probably hedge my long position and go short. So overall my position with this pair is long, target is 145.000 for about a 300+ pip profit but will look for any kind of resistance at the 142.500 level (again a level on the 4 hour chart) before deciding again on whether to hedge short, or close my position altogether. Also, RSI is extremely oversold on the Daily chart. Thanks for reading...
Komentar:
I know up top it says SHORT but to clarify I meant LONG
Trade aktif:
Price is up 230 pips
Pernyataan Penyangkalan

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