GBPJPY Long

11 Mar 2015

Reasons for why I am going long.
-Main trend (Weekly & Monthly) is UP.
-PA on the 4hr is a hammer(Long tail), right on top of a daily support area.
-PA on the 4hr formed on the 38.2% Fib level.

Entry- Enter on the 50% Fib of the Hammer with a tight SL. (181.173)
Exit- 185.000 or 185.500 wait for a pullback to pyramid long.