I have a sell bias on GBPJPY. Lower lows & lower highs. Price formed a double top M formation followed by an impulse move to the downside breaking the neckline. Looking for price to return to the neckline before the proper move to the downside. Wait for a pullback to get an exact entry on the lower timeframes.
Trade active:
Price moving towards higher fibs. Better entry around .867, mid structure of M, and upward trend line.
Trade closed: stop reached:
Saw some initial movement to the downside but GBP pairs gained strength at the end of last week. Trading 2 of the same currency at the same time should always use 0.5% risk. Moved my stop to BE so no loss on this trade!