Since GBPJPY is in a downtrend and reached a resistance area there is a short opportunity. First target is around 138.55. If it breaks through we can expect a further downside to at least 137.000
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Forgot to draw in the uptrend line. It retested this line, so another reason to short this pair
Hello mate! Thanks for sharing your idea I like it a lot. Your short trade level has also a confluence with my market profile and price action analysis. Only thing I would make differently would be wider SL. Mine would be 141.76.
Best of luck!
Dale
*You can have a look at some of my analysis at my profile if you would like. I publish them every day.
tradingtomnl
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@Trader_Dale, Hi Dale, Thanks for your comment! I will definitely take a look at my SL. Most of the times I have it close to my entry so if it hits my SL I will look for a new entry point and see if the setup is still valid to me.
Cheers
Best of luck!
Dale
*You can have a look at some of my analysis at my profile if you would like. I publish them every day.