Hi,
This is a trade I have posted about a couple of times recently. I am still bearish on GBPJPY and looking at the 4h chart I am even more confident.
What am I seeing?
- Full Wyckoff distribution range starting May 21
- Increasing volume on downward moves and descreasing on upward in UTAD starting March 22
What am I doing?
- Waiting for price to fully retest highs of 28 March with decreasing volume. This will result in better R:R
I will update this trade as I enter and as it progresses
This is a trade I have posted about a couple of times recently. I am still bearish on GBPJPY and looking at the 4h chart I am even more confident.
What am I seeing?
- Full Wyckoff distribution range starting May 21
- Increasing volume on downward moves and descreasing on upward in UTAD starting March 22
What am I doing?
- Waiting for price to fully retest highs of 28 March with decreasing volume. This will result in better R:R
I will update this trade as I enter and as it progresses
Comment:
Small breaks to the bottom of the structure. If the attempt to move higher brings lower lows and a decreasing volume then I will enter short position.
Trade active:
Just entered the trade. Take profit is around the 120 mark, the lows around May 2012. This trade will return ~800% and risk ~5% of the position.
Trade closed: stop reached:
Stopped out for now. I will continue watching to see what price does between the highs of 6 April 14:00 and lows of 7 April 01:00 on the 1h chart.
Trade active:
Decreasing volume on the move up on 1h paired with the strong move to the downside on 15m and increasing volume as we go means that I have re-entered a short position. I will watch the bottom of the range I mentioned in the previous update to see if price blasts through or is rejected.
Comment:
This trade is being really stubborn but still holding short position for the time being.