Hello TradingView Family / Fellow Traders. This is Richard, as known as theSignalyst.
🗒 GBPJPY has been overall bullish trading inside the orange rising wedge pattern, and it is currently approaching the lower orange trendline acting as a non-horizontal support.
Moreover, the zone 155 - 156.5 is a strong support zone .
📌 So the highlighted purple circle is a strong area to look for buy setups as it is the intersection of the green support zone and lower trendline in orange acting as an oversold area. What I call a TRIO retest!
📉 As per my trading style:
As GBPJPY approaches the lower purple circle zone, I will be looking for bullish reversal setups (like a double bottom pattern, trendline break , and so on...)
Always follow your trading plan regarding entry, risk management, and trade management.
Good luck!
All Strategies Are Good; If Managed Properly!
~Rich
🗒 GBPJPY has been overall bullish trading inside the orange rising wedge pattern, and it is currently approaching the lower orange trendline acting as a non-horizontal support.
Moreover, the zone 155 - 156.5 is a strong support zone .
📌 So the highlighted purple circle is a strong area to look for buy setups as it is the intersection of the green support zone and lower trendline in orange acting as an oversold area. What I call a TRIO retest!
📉 As per my trading style:
As GBPJPY approaches the lower purple circle zone, I will be looking for bullish reversal setups (like a double bottom pattern, trendline break , and so on...)
Always follow your trading plan regarding entry, risk management, and trade management.
Good luck!
All Strategies Are Good; If Managed Properly!
~Rich