GBP/JPY SHORT - Below 164 resistance.

FX:GBPJPY   British Pound / Japanese Yen
97 5 4
Potential short opportunity for GBP/JPY             .

My logic:
Approaching a nice downward trend line .
Stochastic is overbought.
Price capped by strong resistance at 164.

My trading plan:
Already short at 163.850 with a stop loss of 164.250 and first target 161.100. Small risk trade as I dont think the resistance at 164 will be broken, If it breaks I will look to re enter upon reaching the trend line .
Comment: Resistance broke, trade ended at stop loss - small loss. Shorted at rejection of trend line - Stop loss just above the trend line and the same target.
I dig it and am doing the same. Basically in a bear flag right now and once broken, TIMMMMMMBER!
samoli1234 geppytrading
shame about the break of the resistance but it bounced nicely off the trend line!
geppytrading samoli1234
Yep! I hadn't shorted yet, but I did end up shorting after the rejection. Holding a position through the weekend with a 164.45 average.
samoli1234 geppytrading
Nice! I entered again at the trend line time for a nice drop!
geppytrading samoli1234
Awesome! Best of luck to us next week :-)
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