Rennie
Short

Short GBPJPY Daily Outlook

FX:GBPJPY   British Pound/Japanese Yen
Short Entry @ 191.640
StopLoss @ 192.220
Take Profit @ 189.770

Broken Daily support over bought have had a double top in the past couple days which ran right back into the support turned resistance marked by the pink line.

Fundamentally the Yen has gained some strength and it is being shown a little bit across the board.
Technically we can see a lot of structure in play and see a quick fast nice and easy opportunity with a Risk:Reward coming in at 1:3.22 Looking at the structure of this trade we can see a support coming in from a previous high for a take profit at the level of 198.770 just incase it does ascend once it reaches that level.
For a stop 192.220 seems like a fairly decent area without being too close to current Price Action.

Please feel free to give some feedback and share your thoughts Thanks :)
- Rennie
good one mate
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Rennie GcNaif
told you there was reason behind my choice.
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yes you did , but if show me 5min chart then i m totally blind thats a no entry area for me. Good one Rennie and good luck
+1 Reply
Rennie GcNaif
haha, I think I the R:R is good, it's a trade within my disciplines and I am comfortable to take it
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Interesting idea. Yes, the yen is gaining strength and the Pound has been constantly going up against it, it's more attractive as a short.
I'm already short chfjpy (which looks great so far) and usdjpy (which isn't moving as fast as I'd like), so it's possible other jpy pairs start to fall as well if the move is fundamentally driven behind the courtains.
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Rennie IvanLabrie
Thankyou for the reply Ivan, I have been seeing a fair bit of good news for Japan and the Asia economy infact. The Technical line up fine and I am happy to take this trade on a comfortable time frame.
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Excellent.
I'll watch for a clearer entry, but it might be a good one already.
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IvanLabrie PRO IvanLabrie
Posted that and it started moving. Might be a short right now.
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Rennie IvanLabrie
Haha, it certainly was a good start to the trade free sailing now
snapshot
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Rennie Rennie
ugh these labels on R:R Either way my positions is +31pips and in so I am sailing now.
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I entered, good luck!
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Rennie IvanLabrie
Welcome aboard, might be a slower one now. As we know high impact candles 70% of the time follow with a retrace for a couple candles. May even go back to entry and back down again but I think this one is a bit of a safer trade in my opinion even if people call me crazy.
+1 Reply
Any later entries now valid.
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I'm still waiting confirmation on this one. I agree the R:R is good but I'd be super conservative to counter trend this. Good one and good luck! :)
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The Nikkei rallied too much for my liking, might make yen pairs drift or go for one more leg up before the actual top. I'm out for now.
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Rennie IvanLabrie
it is hard to find the top I am still in but can't win them all if it goes south
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....no sign for short,- breaking out,- always have a peak at higher TF
snapshot
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Rennie nmike
was preemptive but it is fine, draw down is accepted in my trading :)
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