GBPJPY - SHORT
Why are we entering?
- Price broke the ascending trendline = bearish
- Expecting further GBP weakness & JPY strength = GBPJPY SHORT
What are we waiting for to happen?
- Price to start retracement = so we can draw fib and draw a WFB trendline
- Waiting to draw WFB
What is our confirmation?
- rejection of structure, fib and EMA
- WFB trendline break
Entry
Safe Entry: Rejection of fib, structure and 4H EMA and then WFB
Risk Entry 1: Rejection of all of the above
Risk Entry 2: Break of WFB without rejection of above
Once entered, where will our Stoploss be?
- above the rejected price (ideally above EMA)
Where do we take profits?
- First TP: 149.5
- Second TP: Leave open
Why are we entering?
- Price broke the ascending trendline = bearish
- Expecting further GBP weakness & JPY strength = GBPJPY SHORT
What are we waiting for to happen?
- Price to start retracement = so we can draw fib and draw a WFB trendline
- Waiting to draw WFB
What is our confirmation?
- rejection of structure, fib and EMA
- WFB trendline break
Entry
Safe Entry: Rejection of fib, structure and 4H EMA and then WFB
Risk Entry 1: Rejection of all of the above
Risk Entry 2: Break of WFB without rejection of above
Once entered, where will our Stoploss be?
- above the rejected price (ideally above EMA)
Where do we take profits?
- First TP: 149.5
- Second TP: Leave open