What’s Happening Guys,
Currently looking and GBP/JPY for a potential short opportunity coming up soon. I can see that Price has created a very strong bearish engulfing candle which shows signs of the bears taking control, This has happened at key levels in the market and I am going to be looking for shorts if price is able to get back to our resistance.
If price does manage, I have already got a pending order ready for the short down to the nearest support. I would prefer a more corrective move back to resistance at 159.500 as this would increase the probability of the trade. My stop loss or point of invalidation is at 163.159 but can be adjusted according to the current Market structure.
This should be a simple one, let us wait and see.
Renaldo Philander
Currently looking and GBP/JPY for a potential short opportunity coming up soon. I can see that Price has created a very strong bearish engulfing candle which shows signs of the bears taking control, This has happened at key levels in the market and I am going to be looking for shorts if price is able to get back to our resistance.
If price does manage, I have already got a pending order ready for the short down to the nearest support. I would prefer a more corrective move back to resistance at 159.500 as this would increase the probability of the trade. My stop loss or point of invalidation is at 163.159 but can be adjusted according to the current Market structure.
This should be a simple one, let us wait and see.
Renaldo Philander