GBPJPY Structure Short

FX:GBPJPY   British Pound/Japanese Yen
Hey Traders,

Again, Not much on the charts, but taking a look, we do have some potential trading opportunities setting themselves up. Keep in mind, I will be FLAT until Wednesday as much as I would love to enter the market. After having experienced slippage first hand, I never want to put myself in the situation where I am in a position and I get slipped 50-100 pips on top of my stop loss. Sounds crazy right? Well, welcome to volatility.

Today on the charts, we have a descending triangle that we don't trade, however if you notice, we set up a decent level of support, which is now being re tested. From what we understand of the markets, support becomes resistance, so if there was any place to be looking for a short, it would be in this zone. Now, If I were to enter this trade, I wouldn't do it aggressively. I would be more conservative and wait for a candlestick formation to set up on the lower timeframes to help me enter. Targets 1 are set on a re test of structure, you can shoot for confluence of structure and Fibonacci extension for targets 2. Stops would have to be above the previous highs.

Hope you have a safe day of trading, If you have any crazy trading stories of past events, leave a comment below, I would love to hear about it.
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