MikePips
Short

Long and Short Possibility

FX:GBPJPY   British Pound/Japanese Yen
For this trading I'm looking for this broadening pattern to break out by 30 pips in either direction. It looks like this support level has already become resistance but I will be waiting for a breakout to get in on it. Target 1 in is at roughly the price range of the beginning of the wedge . The second Tp is at 30 pips less than the range from the lowest candle in the wedge to the highest. I put it 30 pips before the range because I'm waiting for a 30 pip breakout to enter the trade. Stop loss is 50 pips due to my account and position size.

Stop Losses : 137.91
Take Profit 1 : 135.81
Take Profit 2 : 136.31
Comment: Sorry that it says long and short possibility. I am only interested in shorting this pair at the moment. Looking at the 1hr chart I was considering waiting for a breakout on either side. When I dropped down to 15M I saw that the resistance level had already been retested and held.
Comment: Haven't entered trade yet, market hasn't broken out in the direction I wanted.
https://www.tradingview.com/chart/QMAhl5pR/
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