GBP/JPY Long Position - Trendline play
Timeframe: 1-Hour Chart
Entry Price: 192.244
Direction: Long (Buy)
Trend Reversal Setup:
A new ascending trendline (green) indicates bullish momentum forming.
HTF Channel Rejection:
The price rejected the lower boundary of a higher timeframe (HTF) descending red channel, indicating strong demand and a potential reversal from this key support zone.
Channel Breakout:
The price broke out of the descending parallel channel (red and green lines), confirming bullish intent.
Stop Loss (SL): 191.740 (below the previous swing low and within the breakout zone).
Take Profit (TP): 193.431 (targeting resistance from previous highs).
Risk-Reward Ratio: Approximately 2:1.
Rationale for the Trade:
This trade capitalizes on a breakout from a descending channel coupled with a shift in momentum, indicated by the ascending trendline. If the price holds above the breakout point, it is likely to continue upward toward the resistance zone.
Entry Price: 192.244
Direction: Long (Buy)
Trend Reversal Setup:
A new ascending trendline (green) indicates bullish momentum forming.
HTF Channel Rejection:
The price rejected the lower boundary of a higher timeframe (HTF) descending red channel, indicating strong demand and a potential reversal from this key support zone.
Channel Breakout:
The price broke out of the descending parallel channel (red and green lines), confirming bullish intent.
Stop Loss (SL): 191.740 (below the previous swing low and within the breakout zone).
Take Profit (TP): 193.431 (targeting resistance from previous highs).
Risk-Reward Ratio: Approximately 2:1.
Rationale for the Trade:
This trade capitalizes on a breakout from a descending channel coupled with a shift in momentum, indicated by the ascending trendline. If the price holds above the breakout point, it is likely to continue upward toward the resistance zone.
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