Forex4you - Analytics

    Forex4you

    538.00 7.00/10
    60% of positive reviews
    Real

    GBP/JPY: bullish engulfing set-up on 4-hour chart

       
    The pound-yen has formed a bullish engulfing candlestick pattern on the 4-hour chart after pulling-back into the 10 and 20 MA’s, providing an optimum entry point for traders wishing to ride the trend higher.

    Momentum is high and in line with the dominant up-trend further supporting a bullish outlook. This mini-up-trend is in line with the longer-term, secular up-trend despite the recent period of direction-less consolidation.

    Ultimately the way this strategy works is to take the trade if after it completes, the 4-hour signalling candlestick’s high is broken, which in this case is the current 4-hour engulfing candle, giving a current trigger level of 188.41 (assuming it doesn’t go higher). This would generate a target at 189.47 – the 100% extrapolation of the height of the candle higher.
    GBPJPY14

       
    The pound-yen has formed a bullish engulfing candlestick pattern on the 4-hour chart after pulling-back into the 10 and 20 MA’s, providing an optimum entry point for traders wishing to ride the trend higher.

    Momentum is high and in line with the dominant up-trend further supporting a bullish outlook. This mini-up-trend is in line with the longer-term, secular up-trend despite the recent period of direction-less consolidation.

    Ultimately the way this strategy works is to take the trade if after it completes, the 4-hour signalling candlestick’s high is broken, which in this case is the current 4-hour engulfing candle, giving a current trigger level of 188.41 (assuming it doesn’t go higher). This would generate a target at 189.47 – the 100% extrapolation of the height of the candle higher.
    GBPJPY14


    To leave a comment you must or Join us


    By visiting our website and services, you agree to the conditions of use of cookies. Learn more
    I agree