Potential short opportunity for GBP/JPY.
My logic:
Approaching a nice downward trend line.
Stochastic is overbought.
Price capped by strong resistance at 164.
My trading plan:
Already short at 163.850 with a stop loss of 164.250 and first target 161.100. Small risk trade as I dont think the resistance at 164 will be broken, If it breaks I will look to re enter upon reaching the trend line.
My logic:
Approaching a nice downward trend line.
Stochastic is overbought.
Price capped by strong resistance at 164.
My trading plan:
Already short at 163.850 with a stop loss of 164.250 and first target 161.100. Small risk trade as I dont think the resistance at 164 will be broken, If it breaks I will look to re enter upon reaching the trend line.
Note
Resistance broke, trade ended at stop loss - small loss. Shorted at rejection of trend line - Stop loss just above the trend line and the same target.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.