GBPJPY Support and Resistance Trading Strategy

22 Kas 2019

STRATEGY: S&R Trading Strategy
ID: 1209

• Analysis TF: 1D
• Focus TF: 1H
• AOV: Minor Resistance Area
• ET (1H): Bearish Engulfing
• CP: Ascending Channel

1D Analysis
MS: Sideways - Price is moving in a range


1H Analysis:
CP: Ascending Channel - Price is moving inside the Ascending Channel. However, price failed to break above minor resistance of 140.597. It also looks like price made a pullback under the Ascending Channel.
Price closed with Bearish Engulfing which act as our Entry Trigger (ET).




Short Position
SL: Just above the Minor resistance (140.618)
TP: 2.19R - Just before Major Support




Note: This post is my personal journal/opinion only. Please trade at your own risk.

22 Kas 2019

İşlem aktif

Price moved on our favor. Moved the SL to intentionally choke the price. Previous TP target might not get hit so I moved up the TP equal to the low of the latest pinbar as this is a sign of weakness.

22 Kas 2019

İşlem aktif

Also added Trailing Stop = to new SL just to make sure.

22 Kas 2019

İşlem kapandı: durdurma seviyesi

Closing: TS got hit. Excellent Trade though! Thank you Lord!