As stated in my last trade idea on GBP/JPY at the start of the week, I was looking to get into this pair short around the 148 mark. On the 07/06/2018 I saw a beautiful opportunity to pull the trigger. What we had was: Price getting squeezed between the upward sloping trendline and the key level of 148 (usually when price is squeezed in a triangle like this it breaks out with a lot of momentum to either side, in this case to the downside), A 4 hr double top with a nice high-test candle and the 1 hour forming a triple top with MACD divergence. This was enough for me to pull the trigger to get into this trade short. My first soft target is at the daily lows for around 8% profit, however I believe it can go a lot lower so I have my profit target at 140 for just over 15%. I will be actively managing this trade however so if I think there is potential for a trend change to the upside I will be exiting.
Comment:
It's very important to be able to stay patient when the markets are moving sideways and give your analysis time to play out. I am still in this position.
Comment:
Still in this position. Letting the higher timeframes play out.