Hi,
Great short opportunity on GBPJPY. 30:1 initial trade with potential for an even larger move to the downside as the trade progresses. Target price reaches back to 2020 so be prepared for a long trade here.
Great short opportunity on GBPJPY. 30:1 initial trade with potential for an even larger move to the downside as the trade progresses. Target price reaches back to 2020 so be prepared for a long trade here.
Trade active:
We have risen a long way above the trading range of 128-143 and are now seeing that upside move slow massively. Looking at volume on the new attempt to create a new high, we see a drop from around 20k to 5k. Great opportunity to enter short. Price is also currently touching highs from '09 so if price does significantly move down we will be looking for below 119 for take profit.
Comment:
Based on how the trade has progressed it looks more likely that we are now seeing a distribution Wyckoff schematic forming. As long as the current move up keep level / below 161.1, I will look to exit the trade as price breaks below 159. Roughly 20% profit. I will then publish a new idea for the next time I enter this pairing