GBPJPY 2023 09 11
Updated
Bias: Shorts
R:R 4:1
Confluences
Macro
Weekly - Multiple rejection candles off of monthly key level 186.000 price zone
4h - Market structure broke BELOW consolidating structure and is now retesting previous
structural low ~ validating the now current bearish condition market.
4h - Fair Value Gap sell side imbalance filled with encroachment area being retested (entry zone
almost aligns with said encroachment area)
4h - Structural break and retest below Q2 high Key level at prize zone (183.500)
Micro
1h/30m - Trading within intra-day timespan BEARISH CHANNEL
30m/15m - Buy side liquidity zone tapped and respected further confirming shorts bias
30m/15m - Last week Thursday US session zone as entry zone
5m - Entered off of this timeframe
Remarks: NO DAILY CONFLUENCE (Daily timeframe actually goes against overall bias)
R:R 4:1
Confluences
Macro
Weekly - Multiple rejection candles off of monthly key level 186.000 price zone
4h - Market structure broke BELOW consolidating structure and is now retesting previous
structural low ~ validating the now current bearish condition market.
4h - Fair Value Gap sell side imbalance filled with encroachment area being retested (entry zone
almost aligns with said encroachment area)
4h - Structural break and retest below Q2 high Key level at prize zone (183.500)
Micro
1h/30m - Trading within intra-day timespan BEARISH CHANNEL
30m/15m - Buy side liquidity zone tapped and respected further confirming shorts bias
30m/15m - Last week Thursday US session zone as entry zone
5m - Entered off of this timeframe
Remarks: NO DAILY CONFLUENCE (Daily timeframe actually goes against overall bias)
Note
As always, monitoring the rest of position on the 4 hourly timeframe.Trade active
Position achieved 1:1 ~ stops moved to breakeven, mitigating risk- awaiting for rest of trade to play out or stop loss being tapped
Trade closed: stop reached
Stops were tapped @ BREAKEVEN during ASIA session yesterday
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