GBP/JPY 16 Jan

Good day all,

After the movement yesterday, my long term plan looking at the daily is still that the market will move up. The 1Hour chart reflects my trading plan while waiting for the upward movement. Please bear in mind that the published idea is not advise, but reflecting my though and personal actions on the market.

The market in my eyes should not break the diagonal line mark as AB, if this happens than the idea is voided.

My actions:
1. Sell at market price , TP @ 138.593
2. When the market opens new candle above 138.593 i will buy and tp at 139.108
3. When the market opens below 138.593 my tp will be set for 137.611
4. When the market cross the diagonal line AB my new tp will be 139.975
5. If the market remains within the Borders of the diagonal line AB and the support 137.611 my tp will be set for 137.611

NB: the market do not move in a straight line so I improvise and take profits even thought the TP is not reached as it will not always move to the TP point but as least few pips away. follow your mitigation plans for transactions that goes against you and do not be left unprotected.

Keep it Safe

Comment:

The Idea based on the fact that the candles open above the diagonal line means it is no longer applicable, but i would like to see how this turn out and will be holding on to the idea a little longer and see if price will return below the diagonal line and if I can still apply the actions points above.

be careful out there and happy trading

Trade closed: stop reached:

The above plan was not successful and we will move on to what the current market structure teaches us