Question for Ap3 or others:
In the GBP/JPY 4h chart below, there is a perfect Bullish Engulfing in a strong downtrend. The following bar breaks long which is, I assume, a qualified long entry. A hard reverse follows taking out the stop (swing low or low of BE bar +10p).
1) Is this a qualified long reversal?
2) Where is the reversal back to short?
I am comfortable that losses will occur but want to be sure this one was not unnecessary.
Thank
In the GBP/JPY 4h chart below, there is a perfect Bullish Engulfing in a strong downtrend. The following bar breaks long which is, I assume, a qualified long entry. A hard reverse follows taking out the stop (swing low or low of BE bar +10p).
1) Is this a qualified long reversal?
2) Where is the reversal back to short?
I am comfortable that losses will occur but want to be sure this one was not unnecessary.
Thank
TULKAS