Hi Traders, this is my plan for this pair, if the all conditions will be met I will enter (or might not). Make sure you follow me all updates will be shared here from opening until the close of the trade. Don´t hesitate to comment with any questions and hit like for the support.
Reason:GBP the banks has reduced rapidly the longs. JPY is safe haven currency it will strength in coming months as per COT banks already starting to buying it.
Update: I have moved SL to 132.79 and added one more short with only 0.5% risk.
Initial analysis:
FX Hunter Strategy is based on mainly watching the big picture of overall world economy and dividing the FX pairs in to couple baskets.Following the volume of big players ( COT by CFTC) and tick volume helps to see what the market movers are doing. Parallel channels, Supply / Demand and Market Profile are used to determine levels of interest for the trading. Slight usage of Elliot waves for the market structure.