I am looking to going long on gbpjpy my reasons are
1. clear uptrend supported by rising trendline and above 50 sma
2. price is currently at 50% fib confluence level
3. price is currently contained within a bull flag pattern which is a trend continuation pattern.
4 bullish divergence on rsi
trade plan
1. trade will be taken in 2 units.
2. i will be looking for price to break the bull flag and retest, the upper flag trendline or idealy the rising trendline aswell.
3. stop loss below flag
4 tp1 @ previous high
5.tp2 @ monthly resistance
1. clear uptrend supported by rising trendline and above 50 sma
2. price is currently at 50% fib confluence level
3. price is currently contained within a bull flag pattern which is a trend continuation pattern.
4 bullish divergence on rsi
trade plan
1. trade will be taken in 2 units.
2. i will be looking for price to break the bull flag and retest, the upper flag trendline or idealy the rising trendline aswell.
3. stop loss below flag
4 tp1 @ previous high
5.tp2 @ monthly resistance