#GBPJPY Short based on price action and timeframe agreement:
* Daily - yesterday's candle was "toppy" and found resistance at a previous support level
* Daily - assumption is yesterday's candle is a lower high in the price action. This gives context to place a stoploss above that
* 4 hourly chart shows clear signs of bearishness with lower lows and lower highs in price action
* lower timeframes have slightly more sideways price action, but have been creating support and breaking it to create new lows
* Stoploss: above yesterday's high
* Initial Take Profit: 1:1 reward to risk
* Daily - yesterday's candle was "toppy" and found resistance at a previous support level
* Daily - assumption is yesterday's candle is a lower high in the price action. This gives context to place a stoploss above that
* 4 hourly chart shows clear signs of bearishness with lower lows and lower highs in price action
* lower timeframes have slightly more sideways price action, but have been creating support and breaking it to create new lows
* Stoploss: above yesterday's high
* Initial Take Profit: 1:1 reward to risk
Trade closed manually:
not seeing desire price action on the lower timeframes. Exited at breakeven.