GBPJPY SHORT (Mean Reversion)

FX:GBPJPY   British Pound / Japanese Yen

1: Stop loss hunt at previous high on weekly chart.
2: Price heading towards high of the year(2021) which is an important supply zone with many retail stops.
3: Price has been moving very quickly which signals an over extended market for the pair

Price is currently over extended and has been moving in a up trend for 2 weeks straight. We are looking for a potential stop hunt at the high of the year where many retail stops may be sitting.
There's is a potential for strong mean revision to take place allowing big players to hunt some stops and grab some liquidity before we see a continuation to the upside in a few weeks to come.
This trade is expected run for the next 8-9 trading days or until the target is reached, whichever comes first. Always remember to Buy to the low and Sell the high. We will see how this current weekly candle closes before looking for any entries early next week.
Comment: Price is still aggressively pushing towards the high of the year (2021). We are expecting a liquidly grab and stop hunt at the high, before an aggressive push to the downside to take out some trader who have entered the long trade late and those trailing stops before we see a potential push to the upside a few weeks later
Comment: The high or 2021 have been taken out around the 156.100 area and stops have been cleared. The trade setup has been confirmed. Will now observe how the weekly candle will close and look to trade the setup early next week. We will use proper risk management as anything can still happen. The target may also have to be adjust depending on how the current weekly candle closes
Comment: The trading weekly has ended and the weekly candle has closed. We have adjusted our targets and will start looking for an entry early next week. Trade is expected to run for roughly two weeks or until target is reached, which ever comes first. Stops will be moved from half risk to breakeven as the days go.
Comment: This has been quite an aggressive move to the upside. We have entered the trade and we will let it run for 6 - 7 days. We are expecting some crazy volatility due to the setup taking longer than expected to playout. Our direction short term still remains bearish despite the added bullish moves from the first half of this week.
Comment: Pair is in a consolidating. We expecting either extreme volatility or the pair will consolidate into the end of the week.
Comment: The pair decided to consolidate. We have closed trade at breakeven due the the time set out in our trade plan as expired. On to the next trade now. See you in 2-3 weeks for a new setup.
Comment: Price ended up moving in expected direction but only after extreme sideways moves!