OANDA:GBPJPY   British Pound / Japanese Yen
BREAK AND RETEST
PLAN:
1.WAIT for a 4hr close below a support zone .
2.WAIT for retest back into or close enough to the zone .
3.Wait for some sort of rejection on the 30min or hourly.
4. Wait for price confirmation
5. Sell
The trend is your friend, it makes no sense to trade against it. my analysis is done according to momentum.

stops should be adjusted based on how and where the 4hr candle closes. so risk might increase or decrease.
Trade active:
Comment: okay so, when price came back up for a retest, we can see it was an obvious fakeout, this is to trick those waiting to buy. and they get F###ED
Comment: with that being said you can very easily avoid fakeouts by just waiting for a proper close and retest and a key candle :)

Comments

okay so price went into my stoploss area and dropped. no trades were taken as i only execute trades after 5:30am will continue to update this
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alitrading_ alitrading_
target was hit
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alitrading_ alitrading_
key candles before the drop, you can see when price came back up for a retest the second time, it gave us several rejection and key candles before dropping, stops could have also been adjusted if a sell trade was taken based off the key candles at retest point. stops would have been almost the same at just 21pips.
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alitrading_ alitrading_
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