GBP/JPY (Possibly SELL short-term, BUY Long-term) SHORT
Hey guys, new to posting/creating charts so any feedback/criticism will be appreciated and well received!
I see a very identical pattern repeating. Everything is described on the chart. I am hoping for GBP/JPY to resist the double top around 152.70/152.80.
These are approximate trade parameters, and as mentioned on chart, if it breaks above 152.80 and sustains the upward move, I WILL NOT enter and this trade will be INVALID.
Entry: Between 152.65-152.80 (I may enter below or above, depends on market price/behavior)
Stop loss: Above 153.20 ~ You can be conservative with low risk or set it higher, 153.50.
Take profits along the way
Target 1: 151,25
Target 2: 150.0
Target 3: 148.6/148.80
****NOTE: I rarely trade GBP anymore...after the brexit, GBP has been very volatile and vulnerable to good/bad news. So even if I enter this trade, I will be risking small % of capital. Choose your own risk management strategy****
All the best !
***SIDENOTE: JPY is reaching key resistances in USD/JPY and EUR/JPY as well as CHF/JPY, so either these pairs (including GBP/JPY) will all fall or break through and create new tops. For that reason, I believe this is a high probability trade with low risk*****
I see a very identical pattern repeating. Everything is described on the chart. I am hoping for GBP/JPY to resist the double top around 152.70/152.80.
These are approximate trade parameters, and as mentioned on chart, if it breaks above 152.80 and sustains the upward move, I WILL NOT enter and this trade will be INVALID.
Entry: Between 152.65-152.80 (I may enter below or above, depends on market price/behavior)
Stop loss: Above 153.20 ~ You can be conservative with low risk or set it higher, 153.50.
Take profits along the way
Target 1: 151,25
Target 2: 150.0
Target 3: 148.6/148.80
****NOTE: I rarely trade GBP anymore...after the brexit, GBP has been very volatile and vulnerable to good/bad news. So even if I enter this trade, I will be risking small % of capital. Choose your own risk management strategy****
All the best !
***SIDENOTE: JPY is reaching key resistances in USD/JPY and EUR/JPY as well as CHF/JPY, so either these pairs (including GBP/JPY) will all fall or break through and create new tops. For that reason, I believe this is a high probability trade with low risk*****
Trade active:
Entry: 152.850
Short Sell
with a tight stop above
Short Sell
with a tight stop above
Trade closed manually:
Closed manually, too much uncertainty with GBP.
+180 pips
+180 pips