The exchange rate has tested the dotted TL on the Fibonacci. and continued onwards to make a Lower High on the 4H chart:
Trade closed: target reached:
100 pips bagged.
Comment:
(Journal) Good trade.
Comment:
(Journal) Further reflecting my decision to go short temporarily, "was it worth it?" Understandably, each trend has a different trending environment but also can have a different target price. With that in mind, my trade was worth it for short term profits, but in the long term we can see GBPJPY was set to continue long due to such large momentum in the buyers favour. Also with such a strong upwards market like this, it would be risky trading the retracement/consolidation so maybe I should have waited until price was low at support each time before going long.