rhf_fx

GJ 120 pips Sells Breakdown

Education
FX:GBPJPY   British Pound / Japanese Yen
Price broke below the support we highlighted, however as there was no lower wick on the 1h breakout candle, price had no clear range to move down, so instead of moving to the lower timeframes to look for selling confirmations, I stayed on the 1h timeframe and decided to look for a break and retest setup, as it was not on a lower timeframe my confidence for this trade was pretty good.

As soon as we tapped into the broken support zone , I took an entry with half of my usual risk, stops were above the previous candle and my TP was highlighted on the chart.

Profits were taken at each of the support zones as we tapped into them, this lowered our risk and secured profits.

When we hit our final target, we removed our TP and let 10% of the trade run, the target for this was 135.887, as this was a possible rejection zone and also 120 pips profit. This target was also hit before price formed support to continue back up.

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