Shorting the GBPJPY On Resistance Confluence

FX:GBPJPY   British Pound / Japanese Yen
1736 22
Update: Target reached without entry, so i cancelled short for now..

A potential short trade on multiple resistance levels:

-50-days SMA
-Main descending resistance for the bearish wave
-A cluster of horizontal resistance levels, more clear on the daily chart

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Trading Criteria:
1. Trades are taken in two units
2. First unit would be closed at first target
3. Stop loss is then moved to break-even
4. Second unit would be closed at second target
5. Note that If 90 percent of first target is reached without triggering entry, trade is cancelled
6. Remember: Losing is a main part of the game
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Hi Luay. I think that another short opportunity might be developing on this pair.
Technician HamedAghajani
Honestly i dont see a sell signal yet... So I am not short
+1 Reply
I cancel the trade because first target is hit without triggering entry.
Technician VelsonChew
Yep i cancelled too. But i will monitor now if i see rejection i might re-enter
VelsonChew Technician
What kind of rejection will make to u entry?
Technician VelsonChew
I will see, its discretionary. I will update here if i shorted
+1 Reply
NickLee Technician
are you going to re-enter based on the price now
Is it finish right now? Or wait for first target and then for second? How do you think?
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