👑 GBPJPY 🗝️ LEVELS TO WATCH AND WHY👀
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Hello traders and welcome! Let's take a look at GBPJPY today. The British Pound Japanese Yen has formed a price action reversal pattern known as a double bottom on its hourly chart. The price has created two bottoms, with the first at 180.817 and the second at 180.899, with a peak at 182.320. We can draw our neckline breakout.
Now, our trade setup is about to begin. I plan to execute it by waiting for a clear breakout above the NECKLINE BREAKOUT level, which is at 182.309, accompanied by significant volume. If this breakout occurs, we will execute a long entry position, considering the confirmed uptrend. After receiving a clear bullish confirmation, our stop loss will be set at the midpoint, approximately 181.608. Our target will be the height of the double bottom, measuring from its peak to the first bottom.
Target 1: 100% of AB = 183.795
Target 2: 150% of AB = 184.539
Target 3: 200% of AB = 185.293
Target 4: 250% of AB = 186.031
If you like this idea and share the same bias, please let me know in the comments. Feel free to hit the like button to support the idea, and stay tuned by following for more updates.
Now, our trade setup is about to begin. I plan to execute it by waiting for a clear breakout above the NECKLINE BREAKOUT level, which is at 182.309, accompanied by significant volume. If this breakout occurs, we will execute a long entry position, considering the confirmed uptrend. After receiving a clear bullish confirmation, our stop loss will be set at the midpoint, approximately 181.608. Our target will be the height of the double bottom, measuring from its peak to the first bottom.
Target 1: 100% of AB = 183.795
Target 2: 150% of AB = 184.539
Target 3: 200% of AB = 185.293
Target 4: 250% of AB = 186.031
If you like this idea and share the same bias, please let me know in the comments. Feel free to hit the like button to support the idea, and stay tuned by following for more updates.
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