2023 Jan 19 GBPJPY
Updated
Risk/Reward
4:1
Confluences
Macro
Weekly - Multiple candles rejected price zone 161.000 Psychological level/Weekly key level, this level also being the previous week high
Daily - Previous Daily candle heavily rejected the said weekly key level of 161.000, as well as closing below 159.500, A Daily key level.
4h - Market condition on this timeframe transitioned into a bearish condition market, creating new lower highs and lower lows, currently the market is retesting the recent structural lower lows during today's US session.
Micro
15m - Yesterdays US session used as entry zone
5m - Bearish rejection candle off of said US session zone used as entry point.
Remarks:
All trading rules followed as accordingly, no entry against a key level and not counter trend trading.
4:1
Confluences
Macro
Weekly - Multiple candles rejected price zone 161.000 Psychological level/Weekly key level, this level also being the previous week high
Daily - Previous Daily candle heavily rejected the said weekly key level of 161.000, as well as closing below 159.500, A Daily key level.
4h - Market condition on this timeframe transitioned into a bearish condition market, creating new lower highs and lower lows, currently the market is retesting the recent structural lower lows during today's US session.
Micro
15m - Yesterdays US session used as entry zone
5m - Bearish rejection candle off of said US session zone used as entry point.
Remarks:
All trading rules followed as accordingly, no entry against a key level and not counter trend trading.
Trade closed: stop reached
Overall this is a probability loss, unfortunately the market did not play out as intended. Risk as always, a very minimal loss.
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