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GBPJPY LONG

Sarfaraj patel (sarfarajpatel)
Feb 19 2020 at 05:20
7 postów

*Breakout on descending triangle with retest completed
*Bounce off previous support
*Inverse head and shoulders completed and holding on neckline after stop loss hunt by banks

*Good trade fundamentally ahead of very negative jpy economic news/data to come out tonight and for first quarter due to the effects of the ''blackswan event'' corna virus, with that in mind need to keep a close eye on boris and brexits aftermath still unfolding for the gbp side of things.

*Daily 50ema holding price with 100 /200 emas supporting from below
*Daily Macd crossover also
*4h sitting above 200/100/50emas

- Take profits 1 and 2 set at next resistances

*Another danger for this trade other than negative brexit news is the fact moving averages on 4H are moving flat , maybe the breakout of descending triangle could signal a big move to upside with moving averages but nothing is certain price could drop below averages and retest support again






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