GBPJPY Potential Short
Hello Traders,
As we begin our search for potential trades to start off the week, we took this trade on Friday at 14:00 SAT.
Price pulled back to the 61.8% to 78.6% retracement levels and we can clearly see that we are in a downtrend and only looking shorting opportunities. We then looked for entry signals on the 15min timeframe and took the short position.
Our trading plan goes as follows;
TP1: Close 50% of position and move SL to Breakeven. Remaining position is 50% and risk free.
TP2: Close 25% of remaining position and move stop loss to TP1. Remaining position is 25% and profit is secured.
TP3: Full take profit is realised.
Good luck and Happy Trading!!
As we begin our search for potential trades to start off the week, we took this trade on Friday at 14:00 SAT.
Price pulled back to the 61.8% to 78.6% retracement levels and we can clearly see that we are in a downtrend and only looking shorting opportunities. We then looked for entry signals on the 15min timeframe and took the short position.
Our trading plan goes as follows;
TP1: Close 50% of position and move SL to Breakeven. Remaining position is 50% and risk free.
TP2: Close 25% of remaining position and move stop loss to TP1. Remaining position is 25% and profit is secured.
TP3: Full take profit is realised.
Good luck and Happy Trading!!
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