GBPJPY BREAK AND RETEST TRADE SETUP
Updated
Hi everyone:
Here is my view on GBPJPY SHORT, Any type of feedback is greatly appreciated it. Thank you
Trade: #12
Date: 12/20/2016
Time: 03:00 GMT
Forex Pair/Commodity: GBPJPY
Position: SHORT (SELL)
Reward/Risk: 4:1
Opportunity:
Weekly: Hit 50 EMA,weekly 0.618 fibs retracement and a strong resistance zone around 146.50~148.00, a pullback is needed
Daily: Over extended run to the upside, formed doji candle, then bear engulfing, breaking down the support trend line
4 Hour: Break down 20/50 EMA and support trend line, now retested the same resistance zone with 50 EMA
1 Hour: Break down short term support trend line, and 20/50 EMA. Now price has retested back to main pivot point, 0.318 fibs retracement, and 20 EMA
Looking to take this pair to daily strong horizontal support zone 140.00, 50 EMA, and 0.382 fibs
retracement for roughly 4:1 reward risk ratio.
Thank you for your support
Here is my view on GBPJPY SHORT, Any type of feedback is greatly appreciated it. Thank you
Trade: #12
Date: 12/20/2016
Time: 03:00 GMT
Forex Pair/Commodity: GBPJPY
Position: SHORT (SELL)
Reward/Risk: 4:1
Opportunity:
Weekly: Hit 50 EMA,weekly 0.618 fibs retracement and a strong resistance zone around 146.50~148.00, a pullback is needed
Daily: Over extended run to the upside, formed doji candle, then bear engulfing, breaking down the support trend line
4 Hour: Break down 20/50 EMA and support trend line, now retested the same resistance zone with 50 EMA
1 Hour: Break down short term support trend line, and 20/50 EMA. Now price has retested back to main pivot point, 0.318 fibs retracement, and 20 EMA
Looking to take this pair to daily strong horizontal support zone 140.00, 50 EMA, and 0.382 fibs
retracement for roughly 4:1 reward risk ratio.
Thank you for your support
Note
Here are the Weekly, Daily, and 4 HR Charts:Note
Price has now drop to 144.56, roughly 100 PIPS, given me 1.2% in profit. Move my stop loss to break even @145.55.Note
Move stop loss to 1% profit @144.75Trade closed: target reached
Intraday charts formed a double bottoms. A pull back in the intraday may happen, therefore, manually take profit @ around 144.00 to secure a 2% profit. Date: 12/27/2016
Time: 06:00 GMT
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