GBPJPY Short
Updated
Previous institutional supply zone we are testing.
Expecting a 2:1 / 3:1 RR.
Markets look like breakout however YEN is cheap at this level to institutions so expecting a nice bounce of these levels for some YEN strength. Effective with most JPY pairs right now.
My entry right now is 144.113.
SL: 40 PIPS
TP1: 80
TP2: 100
TP3: 120
Expecting a 2:1 / 3:1 RR.
Markets look like breakout however YEN is cheap at this level to institutions so expecting a nice bounce of these levels for some YEN strength. Effective with most JPY pairs right now.
My entry right now is 144.113.
SL: 40 PIPS
TP1: 80
TP2: 100
TP3: 120
Note
Increased SL to 50 Pips as looking like more momentum, but still expecting a bigger drop down afterNote
As expected the drop came, moved SL to 20 pips after entry. First TP still 80 pips where I will close half my position. About 10 pips from there right now.
Trade closed manually
Closed out with 72 pips of profit, didn't want to hold over the weekend.Note
Would have hit the 80 pip profit on the dot if you held
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.