GBPJPY - 2H - Consolidation after the first impulse down.

FX:GBPJPY   British Pound / Japanese Yen
186 4
I expected one more downwave in this market, which starded today after breaking the upward dashed blue trendline . now we are consolidating before we might see another impulse down. So look for breakout sells.
Comment: Im currently alot short in jpy related pairs or markets so im looking for a bit of a hedge long.
this i think is a great opportunity so play for some more consolidation if we can break recent swing highs.
Trade active: hedge active.
Trade active: stopped out and reversed.
Trade closed: stop reached: stopped out breakeven on my short, now that we broke to the upside, i will be looking for longs, but i will release a new idea for this
can i enter now ??? sell
with that potential downside i think its viable to sell now. but i personally would wait for a 50% retracment of the last downmove, where the blue line is. that would give you a good price. ofc u might not get in that way

SergeantPringles SergeantPringles
if you even wait a little longer, maybe to that point where the price touches the orange line, then u will be able to place stops above the consolidation and still could take a 1:1 risk reward TG1 at the lows, without having to go for new lows.
SergeantPringles SergeantPringles
i mean like that. ur target 2 and 3 can then be extention tryin to capture more downside
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