Bullish GBPJPY until New York close tomorrow.
Price action around the 5 EMA on the daily time frame suggests that GBPJPY could move up or stay above the 5 day EMA until close of New York tomorrow. Since the previous daily candle closed above the 5 EMA, I expect it to do it again.
My plan is to use the 15 minute time frame to make entry. I am only looking for buys within support structures.
Each position consists of a 20 pip stop loss and 200 pip take profit.
I only allow a maximum 10% loss of account value for the day. If 10% is reached, then trading ceases for the rest of the trading day.
Each position is worth 1% giving me 10 attempts to gain a solid foothold in the market.
My plan is to use the 15 minute time frame to make entry. I am only looking for buys within support structures.
Each position consists of a 20 pip stop loss and 200 pip take profit.
I only allow a maximum 10% loss of account value for the day. If 10% is reached, then trading ceases for the rest of the trading day.
Each position is worth 1% giving me 10 attempts to gain a solid foothold in the market.
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