GBP/JPY - Range Short Trade (Fall Out Mode Potential)
The market is choppy, rangy, consolidatingy, - whatever you want to call it.....
The waves have been structured going back to 5th February - This short entry is a bit impatient as there is a little bit of room upwards to travel before reaching the full reversal zone however as I am holding this position for a all of next week (all things good) and potentially into the final days of Brexit negotiations - I could of put this short position on GBP/USD however due to possibility of U.S Government shutdown there is chance for a weakening dollar which in turn will increase strength in the Yen.
Add all of this to bad news for the U.K Government next week and we have the perfect opportunity to catch the BIG wave down and potentially catch the political volatility ahead (to the downside) whilst keeping at a safe distance from any short term spikes.
Target on the chart is short term however this could be increased if political news for the U.K is bad.
Fall out mode target of 110 in the event of a no deal Brexit.
Stop loss is minimal due to our entry point so we can increase the position size.
Entry: 142.40 (safer entry without order
Order Entry: 142.50 (but price may not reach this level if resistance is strong)
Stop Loss: 142.65
Target 1: 141.95
Target 2: 140.65
Long term Target (no deal possibility increasing): 110.00
The waves have been structured going back to 5th February - This short entry is a bit impatient as there is a little bit of room upwards to travel before reaching the full reversal zone however as I am holding this position for a all of next week (all things good) and potentially into the final days of Brexit negotiations - I could of put this short position on GBP/USD however due to possibility of U.S Government shutdown there is chance for a weakening dollar which in turn will increase strength in the Yen.
Add all of this to bad news for the U.K Government next week and we have the perfect opportunity to catch the BIG wave down and potentially catch the political volatility ahead (to the downside) whilst keeping at a safe distance from any short term spikes.
Target on the chart is short term however this could be increased if political news for the U.K is bad.
Fall out mode target of 110 in the event of a no deal Brexit.
Stop loss is minimal due to our entry point so we can increase the position size.
Entry: 142.40 (safer entry without order
Order Entry: 142.50 (but price may not reach this level if resistance is strong)
Stop Loss: 142.65
Target 1: 141.95
Target 2: 140.65
Long term Target (no deal possibility increasing): 110.00
Comment:
So sorry - I've just read this back and I did not proof read - I just typed what was in my head and pressed publish haha - Grammar is awful but technical analysis is top notch lol
Comment:
OK so I now realize - I can actually edit my posts hahaha no more stupidity from me
; )
; )