BigShouldersTrading

gbpjpy h1 short from extended alt bat and m15 rsi projection

Short
FX:GBPJPY   British Pound / Japanese Yen
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4
Our expected market movement for this week is a short from 142.8.
142.8 represents a 1.27 extension on the XA leg of the pattern as well as a 1.618 extension extracted from m15 rsi . The 2 measurements are within a 10 pip distance.
The dashed line at 143.2 is the general stop loss area.
Once again this is not a blind trade, meaning we do set a sell limit order now at 142.8 with a SL at 143.2. We wait for for 142.8 to be hit after which our execution rules go in effect.
There is a difference between a trading strategy and a trading system. This is one of our strategies. There is also not just one way to trade, i.e. the trading system. Once 142.8 is hit each trader might short using his/her own system.
Down target for the move is 139.25 and 140.65 should be used for management.
Comment: Price in the zone for execution evaluation
Comment: m15 entry
Comment: we just had a confirmation m5 signal; h1 entry signal pending. m15 entry around 143.5; sl 144.12
Comment: The market gave the reaction we were expecting; obviously our strategies include trade management as well as position sizing rules; there is not just one way to trade the markets. For m5 we already locked in 40 pips. Hours are getting pretty late here so I am not sure if will follow with another update today
Comment: the m15 ran into sl; we'll consider it as a loss as posted bc we did not post a proper adjustment overnight. h1 should trigger at the end of this bar
Comment: the last h1 signal held; lock profits ~143, around 90 pips
Comment: lock another 130 pips ~142.25; 2/3 position closed, break-even adj
Comment: Our initial down move was forecasted at about 360 pips; this move so far is getting close to 300 pips so we're looking to close everything soon.

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