aluotradingjournal

[GBPJPY] 6 Jan, 2021 - Roger V Trading Ideas

Short
FX:GBPJPY   British Pound / Japanese Yen
GBPJPY
Entry Resistance level idea:
140.8000 ~ 141.1000 Support
 
TP Support level idea:
Target 1: 138.800
Target 2: 137.200
 
Final SL for all Short positions:
143.000 Support Level

GBPJPY Trading idea comment:

GBPJPY has gone in a bullish trend for a while, and has finally showing potential signal to an end to its bullish direction on the weekly/ monthly chart.

However, as far today, a bearish candlestick is seen on the weekly chart after few days 2021 begins. To increase the potential bearish trend , it is best off to observe for another week and wait for next weeks retracement (if there is one) to see if any potential swing trade opportunities.

Roger V usually prefer trading conservative to a point, if it triggers, then the war begins. However, if it does not trigger and does not happen to what is expected, then this trading idea opportunity will be forfeited.

Case if triggers:

To be safe, and following Roger V Trading Strategy.

If the trade appears with a favoured weakening combination candlestick signal at or near the price of the estimated forecast price range resistance level and it triggers the strategy rules.

The trading opportunity will be valid, and will be ready to give it a go to trade for a short position.

Case if not triggers:

Immediately give up the trading opportunity and patiently wait for next pair trade opportunity and repeats the procedure again. ( has to be a bit robotic when it comes to trading strategy. Elsewise, the psychological side of trading will affect in trading. That is not we want.)

Worst Case Scenario:
However, if at the worst, a resistance final SL at 143.000 for all short positions will be terminated. Elsewise, continue following with the TP target from the trading idea provided.

Best Case Scenario:

I believe everyone will know already, Take Profit (TP) and earn the money instead of lose get trigger by Stop Loss (SL) or lose the money.

Don’t forget that Roger V Trading Strategy, includes trading short term in a long term strategy from retracements and the 1-3,4 position strategy.



(Note: The forecast above is an estimation of the resistance/ support level for the entry, TP, and SL. For more precise positions will depend on the shape formed with the candlestick at the time.)
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FB / Google: Search Roger V Trading Academy

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Disclaimer: ALuoTradingJournal does not provide any personal advice or general advice. This is only a journal to keep ALuo in noting the trades and what the market is going on as a trading journal. ALuo will not take any responsibility for any profits or losses. Please trade at your own risk.

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