[GBP/JPY] Fibonacci + 50EMA + RSI
Here we are only looking for a quick scalp trade, The price has pulled back into the 50 EMA.
We applied our Fibonacci retracement lines and the price has pulled back to 50% retracement level.
We spotted a higher low on price and a lower low on the RSI which forms a Bullish Divergence.
Now that we have spotted all the factors we wait for a Bullish Hammer or Bullish Engulfing candle stick to form before taking an entry.
Set the stop loss below the wick of the candle, depending on how the candle closes I may set a stop just under the 50ema or I may watch the next couple of candles to form before taking entry.
Targeting the height of the pull back.
You can trail a stop loss if it looks like it will push further then the height of the pullback.
Leave a Like/Comment & if you can help improve my analysis / strategy for this trade please post below and share your thoughts. Thank you.
- Happy Trading
We applied our Fibonacci retracement lines and the price has pulled back to 50% retracement level.
We spotted a higher low on price and a lower low on the RSI which forms a Bullish Divergence.
Now that we have spotted all the factors we wait for a Bullish Hammer or Bullish Engulfing candle stick to form before taking an entry.
Set the stop loss below the wick of the candle, depending on how the candle closes I may set a stop just under the 50ema or I may watch the next couple of candles to form before taking entry.
Targeting the height of the pull back.
You can trail a stop loss if it looks like it will push further then the height of the pullback.
Leave a Like/Comment & if you can help improve my analysis / strategy for this trade please post below and share your thoughts. Thank you.
- Happy Trading
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