This week Hot Pick is the GBPJPY! Pretty simple setup. This market has formed a double top at a strong past support becomes future resistance. In addition, looking at GBP crosses, I anticipate the GBP weakness for this upcoming week. However, due to heavy fundamental announcements this week, I am looking to reduce my normal 1% risk to 0.5% risk per trade. I am looking to enter short at market open with my stop at the red dashed horizontal line. One could also wait for the red counter trendline break before shorting.
Trade active:
I entered at market yesterday after spread stabilized @ 151.98 with 0.5% risk. I will look to add into position at a lower high.
Comment:
I am looking to add another position after this 4H candle closed
Comment:
Expect a small pull back and I am going to size in my position
Comment:
Market pulls back as expected. It has taken out a low and forming a whats-called a king's crown pattern and its now holding at the right tip. I am holding my trade
Comment:
I am still in~