Date: 25.01.2017
Tool: GBP/JPY
Time Frame: D1
We have a breakthrough diagonal long-term downtrend and test again upward movement. Medium-term trend is now bullish. The price is horizontal support and if you hold there until the end of the day we will have criteria for entrance with a long position.
Price Action: We presence of formation two indoor bars and breakout - a positive signal.
indicators:
- 50SMA crossed 200SMA bottom up - a positive signal for the price.
- Dem (14) - rotates and cuts the bottom 0.3 - a positive signal
SL: 140.16
Alternative scenario: If the price get back below the diagonal resistance formed by short-term correction, the price will again be below horizontal resistance above horizontal support SMA below and above the diagonal support. That will not know where it is possible to break through and will have to wait until this happens.
Graph drilled diagonal major trend:
Trainee_P_Milanov
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