GBPJPY — Bullish Potential IF We Can Break the Neckline

We ended the month of August with an interesting trading idea on the GBPJPY. On one hand I was predicting a longer-term bullish move after reaching previous structure lows. However, on the other hand, we had an advanced pattern formation that was calling for a short-term short. This left a few of the traders that I work with confused and made for a great session explaining how both can be right.

Now that the bearish Bat Formation has completed & given us profits, we can now shift to the longer-term idea which is the potential neckline break of the bullish reversal pattern that has formed. If we can indeed get past this level of resistance it would offer a bullish trend trading opportunity with the first 2 target levels coming in at $1.44’s & a little above $1.45’s

If you’re a longer-term trader, it may also be worth keeping an eye on the ascending triangle that has been forming on the daily/weekly over the past year, as a breakout above those highs would offer even more potential profit.

Thanks for taking the time to read my words & if you enjoyed it, I’d appreciate it if you’d SHARE & hit that heart button below ❤

You can also follow me on…

YouTube | Instagram | Twitter | Facebook |

Learn to Trade at www.TradeEmpowered.com

--

--

--

Trader — Trading Coach — Host of The Trading Coach Podcast — Author for Entrepreneur & FX Trader Magazine — Proud Husband & Father — Sports Nerd & Coffee Addict

Love podcasts or audiobooks? Learn on the go with our new app.

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store
Akil Stokes

Akil Stokes

Trader — Trading Coach — Host of The Trading Coach Podcast — Author for Entrepreneur & FX Trader Magazine — Proud Husband & Father — Sports Nerd & Coffee Addict

More from Medium

Investing vs. Trading: 3 Key Differences

Difference Between Trading And Investing — All About That Money

Difference between trading and investing explained

Stock Analysis: FMCG — Dairy

Top 5 Index Funds to Invest in 2022