Marenno
Short

GBPJPY Current review

FX:GBPJPY   British Pound/Japanese Yen
The price has formed new high, in case of 179.139 Level breakdown, the target will be at 178.223

Not recommending to sell of the market, but watch a PA to enter short, as a Short move has been confirmed by momentum - towards the main trend direction.

As for now, the SL's above 180.176 Target 178.223


Trading currencies with no stop losses is equal of being on the war without weapons.
Stop Loss must not be more than ATR*3 (my subjective opinion)
In case if the current set up doesn’t let me to place a stop loss of this size, I will Use Limit orders. If the Stop loss is triggered, and the price is still going in chosen direction, I prefer not to lose a trade, and re-entering the position, with a short stop loss.
I suggest to use a “timing” stop (Close if the price will not go in your direction within 3 bars (as an example), all depends on your trading strategy), Sometimes I prefer not to wait till my SL is hit.
P.S. Using a small stop losses in my strategy makes them triggered quite often, however, it saves my account from wide drawdowns, and keeps my RRR             positive.
This is a short term idea and is suitable for intraday – intraweek traders, if the position is open, I’m usually not holding it for more then 1-2 days.

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Using:
http://marenno.com/index.php/how-to-use-volume-and-open-interest-option-levels/

Counting:
http://marenno.com/index.php/counting-option-levels/

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