We might see another opportunity to go short on the GBPJPY now. Will be playing with a rather huge stop loss now due to the fact that I want to give the price room to move. Whats signaling down is the EMA 200 still showing downtrend, the price is close to both a resistance, fibonacci 50 and the top of the channel. RSI doesn't have tons of room to move. The pair also retraces an average of 162.44 pips up before descending again. We're currently at 143 pips retracement.
Open position:
Opened at: 138.34
Stoploss at: 140
Take profit at: 130
Risk/Reward: 5.02
Orders:
Order 1
Execute at: 138.8
Stoploss at: 140
Take profit at: 130
Risk/Reward: 7.5
Order 2
Execute at: 139.3
Stoploss at: 140
Take profit at: 130
Risk/Reward: 13.29
Open position:
Opened at: 138.34
Stoploss at: 140
Take profit at: 130
Risk/Reward: 5.02
Orders:
Order 1
Execute at: 138.8
Stoploss at: 140
Take profit at: 130
Risk/Reward: 7.5
Order 2
Execute at: 139.3
Stoploss at: 140
Take profit at: 130
Risk/Reward: 13.29
Trade active:
Order 1 activated.
Comment:
Trailing stop loss activated at both positons. Trailing behind with 40 pips.