There was a false breakout above the resistance level at 1.93982 so I have been waiting for a short signal which has been completed.
Notice the bearish engulfing candle pattern that has printed and pulled price back below the resistance level? Thats the signal...
Shorting at market price 1.93895 with
Stop loss placed just above the bearish engulfing pattern at 1.95256 and
Take profit lower down at the previous swing low @ 1.90016
As usual don't bet the farm and always exercise healthy risk management :)
Notice the bearish engulfing candle pattern that has printed and pulled price back below the resistance level? Thats the signal...
Shorting at market price 1.93895 with
Stop loss placed just above the bearish engulfing pattern at 1.95256 and
Take profit lower down at the previous swing low @ 1.90016
As usual don't bet the farm and always exercise healthy risk management :)
Trade closed manually:
Closed with only 16 pips profit as I have another GBP trade open (GBPJPY short currently 65 pips profit).
I am doing this to reduce exposure to GBP in case things go south...
I am doing this to reduce exposure to GBP in case things go south...