samuelw1970

GBPJPY short trade analysis

FX:GBPJPY   British Pound / Japanese Yen
Reason for the trade - Price broke out the consolidation zone and got to resistance on the higher timeframe which price got rejected at to the downside. Market made lower lows making it look like price is now trending down, so after a pullback and when signs of rejection to the upside forms is when I will be looking to get in. After price had its pullback into resistance and previous lows of the range, I was looking for a short when price started to move down. When price started to move down again it formed a minor support on the 15 minute timeframe, so I thought it was a good opportunity to get in for a short once the previous lows and minor support was broken. As it was Friday, I only targeted the lows for the day just in case price started to consolidate.

During the trade – Price straight away when into drawdown but that was predictable on GJ as it was the start of the hourly candle so price would most likely form a wick before continuing down, if price started to pump at the end of the hourly candle I won’t be as confident about the trade so I would most likely take out half my position if that was the case. After price turned bearish after the wick formed the next 15 minutes candlestick continued down and would of hit my take profit but I took out at 10 pips profit

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