TRADE OF THE WEEK | Price Action Trading
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.