GBPJPY - long (8/5/23)
Confluences:
1. Uptrend - in 4H timeframe
2. RBR and strong support zone - 1H timeframes
3. Bullish engulfing - 1H timeframe
4. At EMA50 zone- in 1H timeframe
Reasons:
1. Market need to fill the imbalance structure before continuing going up
2. For a good profit, i want the market to retrace to at least 50% of fib level
Side note:
1. Entry , Stoploss & TP are different between brokers (few pips).
2. Price can retrace deeper, so if you have a small account, only enter after price action has created an uptrend structure in 15mins.
1. Uptrend - in 4H timeframe
2. RBR and strong support zone - 1H timeframes
3. Bullish engulfing - 1H timeframe
4. At EMA50 zone- in 1H timeframe
Reasons:
1. Market need to fill the imbalance structure before continuing going up
2. For a good profit, i want the market to retrace to at least 50% of fib level
Side note:
1. Entry , Stoploss & TP are different between brokers (few pips).
2. Price can retrace deeper, so if you have a small account, only enter after price action has created an uptrend structure in 15mins.
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