KeeneOnMarket
Short

A Re-Enter of a Short GBP/JPY at Resistance of 169.893

FX:GBPJPY   British Pound/Japanese Yen
133 1 2
Currency Pairs trade best using the Ichimoku Cloud on a 4 Hour bar. The best part of this is that you only have to look for trade-set-ups 6 times a day, This happens at 12,4,8,12,4, and 8 everyday at Central Standard time. So, today we see a great Short Set-up if you are a mild pullback trader. I know I am a breakout trader, however many traders are not as aggressive as me. So, the Trade:

Selling the GBP/JPY             at 169.9
STOP LOSS: 172.37

Target #1: $168.65
Target #2: $167.4
Once I hit Target #2, if I want I can move to stop to breakeven

Target #3: $166.20
Target #4: $165.01
Kind of confused here. You're shorting on a level that the price is not currently at. So this is just a set-up *when* the price will reach that level, correct? Like a proposed setup when it reaches that resistance.
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