We are currently in a descending channel with GBPJPY on the 4H chart. I am looking to enter on a pull back at 0.618, this also coincides with a supply and demand area that has been respected on numerous occasions (smaller light blue box). if price action suits I'll be entering shorts at this zone again, Stop is at the 0.79 fib which is handily outside the strong descending channel that is ensuing.
Target 1 - Simply 0.236 fib level, this ensures a 2R+ trade and is where I usually exit these types of trades.
Target 2 - the descending channel support, I'll leave a bit of my short running for this trade, however the majority of profit taking will happen at target 1.
Target 1 - Simply 0.236 fib level, this ensures a 2R+ trade and is where I usually exit these types of trades.
Target 2 - the descending channel support, I'll leave a bit of my short running for this trade, however the majority of profit taking will happen at target 1.