GBPJPY continues the downward move after breaking below the trendline support that held up twice before, the next test looks to be the previous swing lows
143.769
143.195
Today we've bounced off the first level at 143.769 so far getting as low as 143.811 (pretty darn close). Notice that both of these previous swing lows brought multiday rally's so the risk at these levels looks to increase. However, much like the trendline break over the weekend, these support levels tend to have a bunch of stops sitting right around those levels and could be fuel for a more accelerated drop.
Either way, I've moved my stop down to breakeven at 146.805 and added a bit more to this short position at 144.050
143.769
143.195
Today we've bounced off the first level at 143.769 so far getting as low as 143.811 (pretty darn close). Notice that both of these previous swing lows brought multiday rally's so the risk at these levels looks to increase. However, much like the trendline break over the weekend, these support levels tend to have a bunch of stops sitting right around those levels and could be fuel for a more accelerated drop.
Either way, I've moved my stop down to breakeven at 146.805 and added a bit more to this short position at 144.050
I write a newsletter about edges in financial markets…and life. Traders responsible for 9+ figures in daily transactions read it and you should too. Former USMC. www.pollinatetrading.com