GBPJPY 4HR Rising Wedge Nearing Breakpoint

13 Eki 2020

As we can see looking at the GBPJPY chart, it looks like a very obvious rising wedge pattern is about to break, with an acceptable volume push.
Once a bar fully breaks below the pattern (risky), or after one full bar has opened and closed below (fully confirmed) we can enter.

Our target should be approximately $2.88 move or around 2.1%, multiply that by our chances of successfully reaching target (0.63 or 63%) and we get a target of....
TP: $135.234
SL: Swing high or ~137.94
This gives us an R/R of around 2.1

Pattern info and target percentages here: thepatternsite.com/risewedge.html

15 Eki 2020

Not

We have bounced at the same level twice now, so the market may be turning.
To be sure we maintain profit I am moving SL to breakeven + a few pips to garuntee small proft and remove all risk.

19 Eki 2020

İşlem elle kapatılmış

Trade reached our "break-even + a few" point and has closed with minimal profit.