Trade Plan: GBP/JPY Bearish Trend
Objective: Profit from the ongoing bearish trend.
Entry: Wait for a clear continuation of the bearish trend with technical indicator confirmation.
Exit: Set a profit target and implement a stop-loss order.
Position Sizing: Determine position size based on risk tolerance and maintain a favorable risk-reward ratio.
Trade Management: Monitor the trade, consider adjusting stop-loss, and partial profit-taking if needed.
Contingency Plans: Reevaluate and adapt the plan if market conditions change significantly.
Documentation: Keep detailed records for analysis and improvement.
Objective: Profit from the ongoing bearish trend.
Entry: Wait for a clear continuation of the bearish trend with technical indicator confirmation.
Exit: Set a profit target and implement a stop-loss order.
Position Sizing: Determine position size based on risk tolerance and maintain a favorable risk-reward ratio.
Trade Management: Monitor the trade, consider adjusting stop-loss, and partial profit-taking if needed.
Contingency Plans: Reevaluate and adapt the plan if market conditions change significantly.
Documentation: Keep detailed records for analysis and improvement.