$100k Challenge - GBPJPY Short - E5 T2
Hey all!
So, we have a new trade for the challenge! Enter: GBPJPY Short 📉.
When viewing the H4 chart, we can immediately notice how the market went straight for the H1 resistance area just to be met with a ton of supply, holding the area as relevant, and after a few more bars, we see a strong rejection, with great chances of closing on a strong bearish note (the H4 bar has still about 45 mins when writing this).
After seeing that opportunity, I went to the H1 chart to inspect the price behavior around the resistance zone. We see strong signs of a lot of supply entering in the market, printing the last H1 bar on a strong bearish note below the low of the minor consolidation area we had. This gave me the go-ahead to execute the trade, we have the SL above the highest point from the last resistance interaction, and the take profit to the next H4 support zone.
Regarding risk and management strategy, I'm playing this trade as a standard one, so 1% total risk, targeting to close half at the support area and managing the second half in case we end up having a long-term bearish movement towards the 188.00 mark.
On the fundamentals side we had a major bullish run across all GBP pairs when we saw the news about the UK potentially cutting rates in June, which reflects that inflation seems to be under control in the region, being a net positive for the currency given the current environment. In my opinion, that sentiment from the news release has finished and those initial trades are being closed right now, causing more supply to get in the market, as if big institutions bought, when they exit, they gotta sell!
Anyway, I hope everyone enjoyed today's trade idea! Remember to follow me so you don't miss out on the next ones :D
Until the next trade!
So, we have a new trade for the challenge! Enter: GBPJPY Short 📉.
When viewing the H4 chart, we can immediately notice how the market went straight for the H1 resistance area just to be met with a ton of supply, holding the area as relevant, and after a few more bars, we see a strong rejection, with great chances of closing on a strong bearish note (the H4 bar has still about 45 mins when writing this).
After seeing that opportunity, I went to the H1 chart to inspect the price behavior around the resistance zone. We see strong signs of a lot of supply entering in the market, printing the last H1 bar on a strong bearish note below the low of the minor consolidation area we had. This gave me the go-ahead to execute the trade, we have the SL above the highest point from the last resistance interaction, and the take profit to the next H4 support zone.
Regarding risk and management strategy, I'm playing this trade as a standard one, so 1% total risk, targeting to close half at the support area and managing the second half in case we end up having a long-term bearish movement towards the 188.00 mark.
On the fundamentals side we had a major bullish run across all GBP pairs when we saw the news about the UK potentially cutting rates in June, which reflects that inflation seems to be under control in the region, being a net positive for the currency given the current environment. In my opinion, that sentiment from the news release has finished and those initial trades are being closed right now, causing more supply to get in the market, as if big institutions bought, when they exit, they gotta sell!
Anyway, I hope everyone enjoyed today's trade idea! Remember to follow me so you don't miss out on the next ones :D
Until the next trade!
Trade closed: stop reached:
Hey all!
Well, the BOJ meetings noted a potential rate increase for the JPY, which negatively impacted the Yen's strength and sent the market in a strong rally.
It happens from time to time! haha
Well, the BOJ meetings noted a potential rate increase for the JPY, which negatively impacted the Yen's strength and sent the market in a strong rally.
It happens from time to time! haha