tradingwalk
Short

SHORT GBPJPY AT 184.077

FX:GBPJPY   British Pound/Japanese Yen
Entry

To find the area where the C move might end. We draw a Fib extension and anticipate the reversal between 1.279 and 1.618. When we have the area, we look left for a green small candle body and place the entry at the open of that candle (184.077).

Stop loss

Place a stop loss at (184.477) so risk reward is 1:5. In this case, our reward is 196 pips so we set a stop loss 40 pips above our entry.

Target

Exit the position at (182.151) the low point of the A move, giving us a profit of 196 pips.
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