Buy opportunity on GBPJPY:
Price is pulling back currently. 0.5 to 0.618 fibonacci retracement coupled with trendline support and horizontal resistance-turned-support area (marked by blue rectangle) is a good area to enter a long trade.
(Both support areas marked by blue rectangles are drawn on the Daily timeframe)
Price is pulling back currently. 0.5 to 0.618 fibonacci retracement coupled with trendline support and horizontal resistance-turned-support area (marked by blue rectangle) is a good area to enter a long trade.
(Both support areas marked by blue rectangles are drawn on the Daily timeframe)
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Potential zone for entry soon
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You should be in around 100 pips profit if you took the trade in mentioned zone.
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This wasn't a position I took. It slipped out of my mind as I was focusing on other pairs.
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Roughly around 200 pips profit now. You can close half position and continue to hold.
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350 pips now. Congrats to those who took advantage of this set-up. If you traded that on a standard 1.00 lot, you would have made roughly $3,500 in 3 days on one trade. You can take all profits or continue to hold and trail your stop.
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You could have made 500 pips in total by shorting it before going long in the mentioned zone. You should either have taken all profits or the trail stop would have closed your position.