GBP/JPY breakout trade setup — trading strategy to increase winning rate

In the H4 timeframe, GBP/JPY broke out from the resistance at 137.45 on 9 Oct 2020 followed by a pullback to test the resistance-turned-support area. The current pullback provides a great potential trading opportunity to initiate either a reversal or a breakout setup for GBP/JPY. Watch the video below (timestamp starts 3:45) to find out how to increase your winning rate when trading breakout by implementing this simple yet effective strategy, using S&P 500 as a case study.

Below are the key parameters for GBP/JPY potential long setup for trading session on 13 Oct 2020.

Entry: long stop order at 137.85

Stop loss: 137.15

Take profit: 140.00

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