Hello my friends,
Today i saw a nice setup of GBPJPY on 1hr timeframe.
After marking our upper zone and lower zone, i found that pice comeback to retest the upper zone which is now a resistance.
Ther is also 50-EMA of 1hr chart exactly on this upper zone. We could say it is an area of confluences where sellers keep price from moving up.
Also noticed that stochastic on overbought level exactly at this area so there are more reasons for price to go down.
Sell GBPJPY @138.95
Stop loss 139.30
Take profit 1 @138.55
Take profit 2 @138.20
Take profit 3 @137.85
Use proper risk management
Only risk 1-2% of your Equity
Also moved SL to entry after it hit TP1 or TP2
Good Luck
Today i saw a nice setup of GBPJPY on 1hr timeframe.
After marking our upper zone and lower zone, i found that pice comeback to retest the upper zone which is now a resistance.
Ther is also 50-EMA of 1hr chart exactly on this upper zone. We could say it is an area of confluences where sellers keep price from moving up.
Also noticed that stochastic on overbought level exactly at this area so there are more reasons for price to go down.
Sell GBPJPY @138.95
Stop loss 139.30
Take profit 1 @138.55
Take profit 2 @138.20
Take profit 3 @137.85
Use proper risk management
Only risk 1-2% of your Equity
Also moved SL to entry after it hit TP1 or TP2
Good Luck
