HayatoDragonFX

GBPJPY, 4hr tf, sell on 61.8 fibonacci retracement

Short
FX:GBPJPY   British Pound / Japanese Yen
Hello my friends,

Today is November 3rd and it means USA presidential election.
Please trade safely and play it carefully as we could see high volatility in the forex market during this time.

For today, i already closed all my positions and booked profit.
I am gonna review my closed positions first before starting with today trade idea

1st trade is EURCAD pairs which i closed at 1.5390 for +160 pips, banking +6.4% profit

2nd trade is NZDCHF pairs which i closed at 0.6110 for +55 pips, banking 4.4% profit

3rd trade is NZDJPY pairs which i closed at 69.90 for +90 pips, banking +4% profit

For today, i only gonna trade lightly with GBPJPY pairs.
Based on the daily timeframe you could see we are now at horizontal resistance level , which also happen to be 61.8% fibonacci retracement of recent downward movement.
This mean 136.45 is an area of confluences, sellers might come to try defending it

Sell GBPJPY 136.45
Stop loss 137.15
Take profit 133.35

RR ratio 1 : 4.4 (4.4R)
Use only 1-2% risk
Good luck

Comments

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