This week's buying opportunity validation GBPJPY 5-minute breakout

Hello!

Investigating FX, this is Satori.

Today we bring you “This Week's Buy Area Verification: GBPJPY 5-Minute Breakout.”

The figure below is the Point and Figure chart of GBPJPY on the 5-minute timeframe that broke out at 18:05 JST on September 13, 2018.



http://livedoor.blogimg.jp/fxmt4indicator/imgs/4/a/4a3cd9a1.gif


In the fourth bar, the high surpassed the previous three bars' highs, so we call it the “Quadruple Top Breakout.”

The stop-loss is placed below the prior low, about 35 pips in range.


This time, by exiting on the next sell signal, the profit was about 115 pips.


In the areas where the downsides were rising before the buy signal, buying entered as it fell, accumulating upward energy, and eventually the sellers hurried to buy back, leading to the breakout, as one view.


Immediately after, the pullback turned upward, and the previous resistance line changed into a support line, indicating a breakout of support/resistance flip.


The indicators related to today's article are as follows.