GBP/JPY (1Hour): Break and Re-test setup✅

٢٦ يوليو ٢٠٢١

Hey traders, please take a look at this potential setup which might unfold within the next day or two on GBPJPY.

Estimations:
Reward: 300 pips 🤑
Risk: 29 pips ❌
Risk/Reward Ratio: 10.11 ✔

Chart Breakdown:📈

• Daily Timeframe:
  Uptrend in place.
  3rd touch sell setup on downward trendline contradicting the uptrend.
  
  
• 4Hour Timeframe:
  Uptrend in place.
  4th touch of uptrend trendline buy setup further confirming the uptrend.
  
  
• 1Hour Timeframe:
  There's a uptrend in place, although price formed a LL and LH, price failed to breach the previous HL of the uptrend.
  There's a downward trendline on this timeframe and I'm expecting price to break and re-test this trendline to give us a buy setup.
  
  

DR.Swing_Forex