GBPJPY Trade on Jul 4, 2022 21:03 from Ninjon: Tradervue User Stock Trades.

DETAILS
TP: 165.775 (+$147)
SL: 164.025 (-$110)

INITIAL THOUGHTS
Two days ago candle ended red but with a long tail wick indicating potential buyers. Yesterdays candle ended green so it looks like price has successfully bounced off of support. 1h MACD and RSI are neutral but are likely heading upward. Price crossed over the 50 MA at 5:00 AM this morning for 1h. 4h MACD and RSI already in a visible uptrend. Daily looks like it's catching up. Based on the area in the channel, the week and the month are likely to end green.

UPDATE
07/04/2022 10:37 PM, +$20. Hit a high of +$75 while I was watching a show. Going to try and set a TP and SL.

REFLECTION
Trade failed, stop was triggered. Looks like the price didn't bounce off of support area just yet. My initial guess is that the sellers are doing one final push before buyers take control. I don't think it's going to break the trend channel. I think my stop needed to be outside of the trend channel. Can't think like the typical trader.

After following up, trade was a bust. Got faked out in my logic. There was still a slight downtrend before price headed upward and it still didn't go higher than my entry.