GBP JPY - Long Flashcard (unless stated otherwise all trade indications are on the M15)
Reversal into a long trend
Long indicators:
- Weekly low held for 3 days
- Double bottom formation on the H1
- RSI hook outside volatility bands near 32 TDI
- RSI (green) cross Signal line (red) cross entry confirmation
- Double bottom formed near weekly low
Take profit reasons:
TP 1: Just below Yesterday high as this is a very safe target that is usually hit on reversals (45 pips)
TP 2: Just below 800 ema since this is usually used as a point of resistance (80 pips)
TP 3: Once RSI hooks back into the volatility bands or crosses back under signal line upon candle close (100 pip)
Reversal into a long trend
Long indicators:
- Weekly low held for 3 days
- Double bottom formation on the H1
- RSI hook outside volatility bands near 32 TDI
- RSI (green) cross Signal line (red) cross entry confirmation
- Double bottom formed near weekly low
Take profit reasons:
TP 1: Just below Yesterday high as this is a very safe target that is usually hit on reversals (45 pips)
TP 2: Just below 800 ema since this is usually used as a point of resistance (80 pips)
TP 3: Once RSI hooks back into the volatility bands or crosses back under signal line upon candle close (100 pip)