GBPJPY potential buy setup forming
On Daily: price is currently sitting around support 130.0 so we will be looking for objective buy setups on lower timeframes.
Unless price breaks our support downward aggressively, then a movement till 125.0 would be expected and we will be looking for objective sell setups on 130.0 retest.
On M30: price is currently trading inside our red channel (not objective yet). we are waiting for a third swing to form around our upper red trendline for it to be valid and then enter on its break upward.
our entry would be above the last swing that forms around the red for extra confirmation (not the trendline break)
we also have divergence forming on MACD adding more confluence to our buy setup.
Unless price breaks our support downward aggressively, then a movement till 125.0 would be expected and we will be looking for objective sell setups on 130.0 retest.
On M30: price is currently trading inside our red channel (not objective yet). we are waiting for a third swing to form around our upper red trendline for it to be valid and then enter on its break upward.
our entry would be above the last swing that forms around the red for extra confirmation (not the trendline break)
we also have divergence forming on MACD adding more confluence to our buy setup.
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RichTL.com
Instagram:
instagram.com/richthesignalyst
Telegram:
t.me/thesignalyst
Best CFD broker
cutt.ly/TickmillReal
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