GBPJPY. Wait for 4h consolidation, anticipate Buying.
Trading Criteria:
Regardless which way you want to trade, look for minimum five 4hr. candles in consolidation zones (yellow border boxes), and five daily candles for shaded yellow boxes. If you're a pattern trader or pinbar trader, this might be useful here.
Wait for the breakout of 4hr. consolidation or daily consolidation (red border boxes) to take the trade. I usually aim for 80% of the weekly ATR (or monthly ATR for yellow shaded boxes) taking profit but not always at the next yellow box. I place my stop loss above/below consolidation.
*These zones, with the inclusion of price action described above, have remarkable accuracy.
Regardless which way you want to trade, look for minimum five 4hr. candles in consolidation zones (yellow border boxes), and five daily candles for shaded yellow boxes. If you're a pattern trader or pinbar trader, this might be useful here.
Wait for the breakout of 4hr. consolidation or daily consolidation (red border boxes) to take the trade. I usually aim for 80% of the weekly ATR (or monthly ATR for yellow shaded boxes) taking profit but not always at the next yellow box. I place my stop loss above/below consolidation.
*These zones, with the inclusion of price action described above, have remarkable accuracy.