GBPJPY has been Bullish on the H4 chart. The price has been going upward by maintaining an up trending Trend line. Today’s first H4 candle came out as a Pinbar. The current candle went down to the Support level and it seems like that it would end up being a Bullish H4 candle. If that really happens and we get an H4 Bullish Engulfing Candle here, then an H1 breakout towards the upside would offer us a long entry. Let us have a look at the summary of the trade…
GBPJPY Price Action Analysis – 6th July 2018
See the upward movement of the price on the H4 chart. After having a correction, the price seems to have been maintaining that up trending channel. The level of 146.065 has been the Support so far. If this level produces an H4 Bullish Engulfing Candle, and we get an H1 breakout at the level of 146.838. Then the price would reach the level of 147.835. Let us have a look at the summary of the trade…
- Buy Stop Order: 146.838
- Stop Loss: 146.065
- Take Profit: 147.835
- Validity: 72 hours
- Whenever possible, move the stop loss to the entry price and whenever you want, you can take profit anytime as long as you feel comfortable
If we look at the price movement on this chart, we see that the first Bullish wave was strong towards the upside. Then, the price has been going to towards the upside, but the movement has been slow. It is called Bullish Divergence. The trend is still Bullish as long as that up trending Trend line is maintained. However, this is a sign that the trend might end up soon.
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