StenB

GBP/JPY: My view for this trade :)

OANDA:GBPJPY   British Pound / Japanese Yen
**DISCLAIMER**
DO NOT TAKE THIS AS A BUY OR SELL SIGNAL. THIS IS MY VIEW FOR THE MARKET!


Hi everybody,

This is my first trading idea that i post on TradingView. Please note that i am 16 years old and still in a learning process :) anyways, here's the info:


So as you can see there is a double-bottom and a double-top. i illustrated it with the blue and red lines (and the black lines on the swing high and on the swing low). The white box represents the lows acted as support, which also gave me a reason to think it first goes to the previous resistance level (marked with a red arrow pointing down on the left side on your screen). And, the previous resistance level is also a 50% fib retracement, just to make things clear. After it hit the previous resistance level ( 50% retracement ), i expect it to go to the previous support (and a resistance) level. That is marked with a green striped line.

(This is just the paper-trading. I do not invest real money in this trade!)

TP: 1.663 pips.
SL: 1.142 pips.
Risk/Reward Ratio: 1.46.

Once again, do not take this as a buy or sell signal. If you do, i am not responsible.

Thank you for taking your time. If i made a mistake, drop a comment with a argument. If something is unclear to you, or if you have any questions left, please drop a comment too :)


StenB.



Jun 19
Order cancelled: Did not hit the short order, no profit or loss involved.
@StenB great first analysis. I made a similar profitable trade from 147 downwards. (Still holding but i should probably close, only holding due to the trade war news which suggests further downside......hopefully.

Anyways, great understanding and analysis and all at 16....very impressive!
Reply
StenB RobClarke2e
@RobClarke2e, Hi Rob, thank you so much! I am still learning new things everyday, so hopefully i will be a profitable trader in the future (with a real account of course xD). Also great to hear that you are in profit, since your are still holding it i hope you make some extra pips more :). Once again, thank you!
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