GBPJPY SCALP SHORT

Quick trading idea based on a head and shoulders reversal pattern occuring at resistance on GBPJPY. Looking for a 2.57:1 Reward to Risk ratio on this idea before continuing the bullish momentum of the day.

Happy Friday!

Note

Seeing some beginning bearish pressure at the level previously disclosed at 151.72 and some bulls still attempting to break above the level.

Each push is met with equal if not greater bearish pressure and we expect the trade to continue as planned.

Our stops are still in play should the pattern be invalidated by the continued bullish pressure on the day.

Target is still just above 151.407

Note

Price is now breaking the small timeframe support level at 151.656 and we are now making the move down as expected. Currently in profits and will continue to monitor the trade to the next support levels.

Note

Price attempted to break above our 151.72 level of entry and was quickly rejected. We may see the continuation of this move into the NY session.

Note

Interested to see how the price action will form into the NY session. The left shoulder of the pattern has been broken and we are seeing a possible breakout. We hold our stops at the pre-defined levels in case this is a fake out into the NY.

Note

Stopped out for the small loss.

This is why we always use stop losses for even the best setups!

Happy Friday everyone and all the best with your trades.

dmchardy98

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dmchardy98