GBPJPY has been on a strong buy trend on the H4 chart. The pair has kept making higher highs. The price went up to the level of 144.690. Then, the pair produced some H4 corrective candles. The level of 143.850 seems to act as the support level. This is going to be the key level to take entries on GBPJPY as far as this signal is concerned. Let us have a look at the GBPJPY H4 chart..
GBPJPY Free Forex Trading Signals – 30th Jan 2017
See the price has been up trending from the level of 137.150. After reaching at the level of 144.690, there have been numbers of H4 corrective candle by obeying the support level of 143.850. If we get an engulfing H4 candle right at the support level, then, we should wait for an hourly break at the level of 144.690 to take buy entry.
Let us have a look at the summary of the trade
- Buy Stop Order: 144.690
- Stop loss: 144.700
- Take Profit Target: 145.700
When we say, we take our entry “after a breakout”, it means if an hourly candle breaks the level, then we must wait for one more hourly candle to see if the break is held. This is how a break gets confirmed. We often see that an hourly candle breaks a level, then; the next hourly candle comes to check the breakout level with even more pressure. This either changes the momentum on lower time frame, or creates confusion among traders. Thus, there is no point of being in a hurry. Jump into a trade after a confirmed breakout.
Comment below if you have questions on this trade and please let us know if you made money if this trade signal. Good luck!
You can also take a look at our previous (and most likely profitable) Free Forex Trading Signals Here.
We hope that you enjoy our Free Forex Trading Signal today: GBPJPY Free Forex Trading Signals – 30th Jan 2017
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