NamMinh
Short

GBPJPY_Intraday Short Only

FX:GBPJPY   British Pound/Japanese Yen
The story of "Brexit" referendum was now behind us but the time after seems to be more difficult, for now many administrative works must be got done by the authorities.
To make a trade setup during these times it is not easy, because many things must be considered carefully.
So about the strength of cable in the next 6 months I am the opinion that it will remain weak and confused.
About the JPY the BOJ will not enter in the position to ease more money at this moment, for they need to " smell" the markets, else their stimulus will bring no great effect what they are expected for. Therefore I prefer to short GBPJPY             for the next couples of weeks.

My first short trade setup for GBPJPY             for to day is labeled on the chart at around the price of : 135.350
S/l @ 136.550
T/P@ 132.230
This trade setup is valid for intraday only but I prolong it until the lunch time of Asia session by tomorrow on June 28 2016; in case the sell limit at 135.350 will not be hit, I will cancel it then.
Trade well!

m2m

Comment: Some main reasons for an intraday short:
As we see that at H1 TF the prices were closed below my drawn down channel on the upper grey color line thereof. I just measured a very small price movement and picked out the fibs 0.5@ around 135.350 as a short entry position. Due to the small piece of downward movement of a the last big move down, I therefore decide to make an intraday short for it.
Trade active: sell limit hit, the journey begins.
Trade closed: stop reached: S/l hit, trade closed.
I think it will pullback more than your stop loss!
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it can be, but it has been planned and I have to trade according to the plan :) The pull back potential is yet high due to many factors, therefore I put that just as intraday. Thanks for your comments.
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veritasfx NamMinh
SL ?
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NamMinh PRO veritasfx
yes, and it was updated above; at tradingview.com it called: trade closed: stop reached.
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veritasfx NamMinh
It always happen: it turnes direction after sl :)
Reply
NamMinh PRO veritasfx
it counts in the long run and not in a trade, and s/l belongs to the game :) My setup was more than 30 pips in profit, but I have not moved to entry position.
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