FX:GBPJPY British Pound/Japanese Yen
Price has beem moving into a corrective structure (triangle) after a sharp impulsive move to the down and is now testing a long term downtrend. At that level we may start looking for a sell setup based on our strategy. I will personally use a downsloping set and watch for a rejection at the upper parallel of the set.
Comment: Price has broken way above the long term downtrend. So this idea is invalidated. Most likely we should have a correction and we may then watch for buy setups. This is a great example why would should always wait for a setup to complete and not just enter blindly only because price is about to go where we believe it should go. We move on