There is a 2618 trade on EURJPY with price sitting right at the entry point. This is a countertrend trading setup in which we are looking for the market to move down again to below 120.00.
Our stop is placed above the high of the double top because at that point the probability of the trade being a winner is far outweighed by the potential losses incurred if the market continues moving up.
If price moves down to 120.600, I will close half the position for profit and move the stop loss to my entry price. The remaining position will either be stopped out for 0 pips or continue down to the second target.