GBPJPY Support and Resistance Trading Strategy

STRATEGY: S&R Trading Strategy
ID: 1209


Analysis TF: 1D
Focus TF: 1H
AOV: Minor Resistance Area
ET (1H): Bearish Engulfing
CP: Ascending Channel


1D Analysis
MS: Sideways - Price is moving in a range
https://www.tradingview.com/x/NwBXHggq/

1H Analysis:
CP: Ascending Channel - Price is moving inside the Ascending Channel. However, price failed to break above minor resistance of 140.597. It also looks like price made a pullback under the Ascending Channel.
Price closed with Bearish Engulfing which act as our Entry Trigger (ET).

https://www.tradingview.com/x/0gFprd9b/


Short Position
SL: Just above the Minor resistance (140.618)
TP: 2.19R - Just before Major Support




Note: This post is my personal journal/opinion only. Please trade at your own risk.