Hello All,
I have identified a short trade set-up on the 1-hour for the GBP/JPY pair.
Previous trade did really well and over-all trend is still bearish.
Took entry at candle below red arrow on chart.
Price target is illustrated by blue dashed line and blue price tag.
tight stop loss illustrated by small ORANGE line in case price decides to retest ORANGE CIRCLE area.
MACD is extended far above zero line with decreasing buying volume and EMA's about to cross bearish.
Price is above AVL (agreed value line) in a bearish trend so we are selling above value.
Updates to come,
Safe trading. :)
I have identified a short trade set-up on the 1-hour for the GBP/JPY pair.
Previous trade did really well and over-all trend is still bearish.
Took entry at candle below red arrow on chart.
Price target is illustrated by blue dashed line and blue price tag.
tight stop loss illustrated by small ORANGE line in case price decides to retest ORANGE CIRCLE area.
MACD is extended far above zero line with decreasing buying volume and EMA's about to cross bearish.
Price is above AVL (agreed value line) in a bearish trend so we are selling above value.
Updates to come,
Safe trading. :)
Comment:
UPDATE: I have raised my stop by 5 pips.
I'm expecting price to retest that previous resistance or at-least come pretty close. Don't want to get stopped our right at the reversing point...
I'm expecting price to retest that previous resistance or at-least come pretty close. Don't want to get stopped our right at the reversing point...
Order cancelled:
Looks like the trade went my way initially but ended up reversing the other direction. There was time to take some nice profit still however I personally was busy and didn't catch it which sucks... all well. will post future trade.
Trade closed: target reached:
Shortly after posting the previous comment the trade turned back around and ended up hitting my target.
Unless price action suggest otherwise sooner.