GBPJPY Potential Short

Hello Traders,

As we begin our search for potential trades to start off the week, we took this trade on Friday at 14:00 SAT.

Price pulled back to the 61.8% to 78.6% retracement levels and we can clearly see that we are in a downtrend and only looking shorting opportunities. We then looked for entry signals on the 15min timeframe and took the short position.

Our trading plan goes as follows;

TP1: Close 50% of position and move SL to Breakeven. Remaining position is 50% and risk free.
TP2: Close 25% of remaining position and move stop loss to TP1. Remaining position is 25% and profit is secured.
TP3: Full take profit is realised.

Good luck and Happy Trading!!
currencyForexforexanalysisGBPJPYTrend Analysis

Penafian