GBPJPY short - 2 November 2016
Updated
Background:
- Bearish reversal candle after testing daily horizontal resistance of 129.1 and 20MA resistance
- The reversal candle also occurred as a fake breakout of a multiday inside candle formation
Entry:
- Sell stop @ 126.949 (Trade triggered in the time of writing this)
TP:
- Set at low of the 7 October 2016 candle @ 125.0
SL:
- Set at 50% fib level of the reversal candle @ 128.1 (10 pips above 128.0 round number)
Alert:
- R:R doesn't not seems awesome at 1:1.69 only, might go further south to test recent monthly low @ 120.0
- However doesn't set such huge TP as the weekly chart seems to be forming a bullish divergence pattern
- Bearish reversal candle after testing daily horizontal resistance of 129.1 and 20MA resistance
- The reversal candle also occurred as a fake breakout of a multiday inside candle formation
Entry:
- Sell stop @ 126.949 (Trade triggered in the time of writing this)
TP:
- Set at low of the 7 October 2016 candle @ 125.0
SL:
- Set at 50% fib level of the reversal candle @ 128.1 (10 pips above 128.0 round number)
Alert:
- R:R doesn't not seems awesome at 1:1.69 only, might go further south to test recent monthly low @ 120.0
- However doesn't set such huge TP as the weekly chart seems to be forming a bullish divergence pattern
Trade closed: stop reached
Update - 4 November 2016:- Price reversed and triggered my SL with 100pips losses.
- Maybe a higher SL at above the reversal candle high would have keep me in the market but seems like the pair is quite bullish in with the current bullish reversal candle
- Probably would reenter should if another bearish reversal candle formed at the horizontal 129.1 resistance.
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