GBP/JPY Short Entries

FX:GBPJPY   Pound British/Jepun Yen
DISCLAIMER: Hi everyone, this is just a log book for me on applying everything that I have learned and continue to learn as I go along. That being said, I do not advise you to base your trading on these "ideas".

I have been watching this pair for about two weeks now since it started its bullish trend , just waiting for the reversal. Caught some awesome pips this past week and looking for short set ups. So here we go.

Daily Chart:
We see here basically a double top . Price didnt break past previous resistance, safe to say the price was gonna reverse.

4hr Chart:
So if we look at this 4hr chart we can draw a few trendlines . Bigger one being that bearish trendline its been forming since the trend reversed. We did hit some support around 143.398 and the price closed on a retracement this week. Excpected and could be a good spot to look for entries.

Just confirms whats happening. So I believe the price could touch that bearish trendline and that's where I would look for a set up. See if it will bounce off or will the pair want to go back to any previous resistance.

Dagangan aktif:
Alright So, I opened up a small position at 144.714. Compunded with a bigger lot size at the bounce from the trendline forming resistance and closed at the support line. It's forming a wedge here on the hourly chart so I'll wait and see that it does.
Pesanan dibatalkan:
Alright so this pair is in some solid consolidation. That small bullish trendline still acting as our support but we have some major resistance around 145.333 levels. So I will wait for a breakout, either from support or the resistance and see where this pair will go.
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