FX:GBPJPY   British Pound / Japanese Yen
34 0 1
Little more risk involved in this short at this entry in terms of getting stopped.


Broken below TL support w/ retest.

Entry: I always enter between 6-9am GMT             based on setups I see late evening/ very early morning GMT             on the condition they still look valid and PA still supports the trade. This is due to the big boys tend to push price in the opposite direction in the early london session to find liquid areas in which they can jump in. (For more on this topic I suggest Inner Circle Trader's videos on his website- some good stuff!)

SL above previous high- whereby if price moves back about it should back above TL support (always chance for big boys to go back up there for chance to get short though- this will be more obvious tomorrow (Wednesday))

Targets wise: Areas of previous sup/res- 4hr. I will scale in and out at intermediate small/ medium res (monitoring on 15min chart once entered).

66% of traders are long USDJPY- Oanda order boo ( I've seen more are long elsewhere- up to 82%!!) - how many retail make money? and how well are UJ and GJ correlated?

Don't enter if your analysis doesn't support- I'm wrong sometimes like the rest of us!

(I have had a few drinks- might wake up to be a load of bollox in the morning lol- but looks good after a few Stellas)

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