An opportunity in the sell direction just presented itself on the GBPJPY chart: A fakeout is seen just above the 164.630 Weekly Horizontal Resistance Level occasioned by the Bearish Harami Candlestick Pattern.
With Stop Loss at 164.998 (about 44.8 PIPS) and Profit Target at 162.640 (about 191.0 PIPS), you could be looking at a Reward-to-Risk Ratio of 4.26.
As always, there are no guarantees! This is not trading advice; ensure you understand that your losses can exceed your deposits (This may not be suitable for everyone) and apply appropriate Risk Management. Please confirm that this correlates with your trading style and analysis before you make a trading decision.
Have fun trading!
Sincerely,
Your FX Plug
With Stop Loss at 164.998 (about 44.8 PIPS) and Profit Target at 162.640 (about 191.0 PIPS), you could be looking at a Reward-to-Risk Ratio of 4.26.
As always, there are no guarantees! This is not trading advice; ensure you understand that your losses can exceed your deposits (This may not be suitable for everyone) and apply appropriate Risk Management. Please confirm that this correlates with your trading style and analysis before you make a trading decision.
Have fun trading!
Sincerely,
Your FX Plug