GBPJPY 4h Retest of Broken Support TL as Resistance TL
GBPJPY has been in a symmetrical triangle since 2017 started, but last week on Friday a strong 4h bearish candle broke through the support trendline.
Price dropped, but due to JPY weakness and probably because it's a new trading week, price is now going up to retest the support trendline as a resistance trendline.
I will be looking for the stochastic crossover and a 4h bearish candle that forms at the rejection area.
The stochastic resistance trendline is just because I was bored, not even sure it works that way.
The above setup is how I will trade this, although the entry depends on when and where the 4h bearish candle closes, because it's bad to take a trade based off an unclosed candle
Price dropped, but due to JPY weakness and probably because it's a new trading week, price is now going up to retest the support trendline as a resistance trendline.
I will be looking for the stochastic crossover and a 4h bearish candle that forms at the rejection area.
The stochastic resistance trendline is just because I was bored, not even sure it works that way.
The above setup is how I will trade this, although the entry depends on when and where the 4h bearish candle closes, because it's bad to take a trade based off an unclosed candle
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Now we hold this...patience is key
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When price is below 138.50 support, I will move stop loss to several pips below entry for break even / small profit.
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Retesting resistance trendline again, position running.
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Still running...seems likely into next week...JPY data this evening though...hmmm interesting.