TRADE OF THE WEEK | Price Action Trading💰

Hey traders,

Here is a great long trade that I caught this week on GBPJPY.

The price reached 149.0 major daily key structure support.
Watching the reaction of the price to that structure, I spotted a double bottom formation on 1H time frame.
The trigger that I was looking for was a bullish breakout of its neckline (hourly candle close above).
Once the price broke that, I opened a buy limit order on its retest.

Then, with coming UK news we saw a massive bullish rally.

+230 pips of pure profit.

A great example of how nice winners a rule-based strategy occasionally brings.

Have a great weekend!

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Commento:

Check my new idea on EURUSD: