Sells on GBPJPY on 20 Nov
On Tuesday, we hit TP, but the price retraced back up during the NY session. Here’s how we approached the setup:
Key Steps:
Pre-London Setup:
The first candle closed above the marked zone.
Analyzing 4H Rejection:
A massive rejection wick on the 4H candle indicated this could be the top, suggesting a possible retracement.
Fakeout Anticipation:
The next candle closed below the zone, which we anticipated could be a fakeout.
Weak Confirmation Post-London Open:
Another candle closed above, but it lacked strong confirmation. By this time, London Open had already passed.
Waiting for Clear Direction:
We remained patient, and the next candle closed below the zone again, solidifying the bearish bias.
Entry Execution:
Placed sell stops at the break of the current low on the 30-minute candle after confirmation of bearish price action.
Stop-loss (SL) was initially set at the previous high but adjusted to allow room for price movement.
Confirmation and Results:
Continued monitoring showed candles consistently closing below the zone, confirming the bearish trend.
Woke up to a 106-pip profit—a solid trade executed with patience and discipline!
Key Steps:
Pre-London Setup:
The first candle closed above the marked zone.
Analyzing 4H Rejection:
A massive rejection wick on the 4H candle indicated this could be the top, suggesting a possible retracement.
Fakeout Anticipation:
The next candle closed below the zone, which we anticipated could be a fakeout.
Weak Confirmation Post-London Open:
Another candle closed above, but it lacked strong confirmation. By this time, London Open had already passed.
Waiting for Clear Direction:
We remained patient, and the next candle closed below the zone again, solidifying the bearish bias.
Entry Execution:
Placed sell stops at the break of the current low on the 30-minute candle after confirmation of bearish price action.
Stop-loss (SL) was initially set at the previous high but adjusted to allow room for price movement.
Confirmation and Results:
Continued monitoring showed candles consistently closing below the zone, confirming the bearish trend.
Woke up to a 106-pip profit—a solid trade executed with patience and discipline!
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