GBPJPY_Intraday Short Only
Updated
The story of "Brexit" referendum was now behind us but the time after seems to be more difficult, for now many administrative works must be got done by the authorities.
To make a trade setup during these times it is not easy, because many things must be considered carefully.
So about the strength of cable in the next 6 months I am the opinion that it will remain weak and confused.
About the JPY the BOJ will not enter in the position to ease more money at this moment, for they need to " smell" the markets, else their stimulus will bring no great effect what they are expected for. Therefore I prefer to short GBPJPY for the next couples of weeks.
My first short trade setup for GBPJPY for to day is labeled on the chart at around the price of : 135.350
S/l @ 136.550
T/P@ 132.230
This trade setup is valid for intraday only but I prolong it until the lunch time of Asia session by tomorrow on June 28 2016; in case the sell limit at 135.350 will not be hit, I will cancel it then.
Trade well!
m2m
To make a trade setup during these times it is not easy, because many things must be considered carefully.
So about the strength of cable in the next 6 months I am the opinion that it will remain weak and confused.
About the JPY the BOJ will not enter in the position to ease more money at this moment, for they need to " smell" the markets, else their stimulus will bring no great effect what they are expected for. Therefore I prefer to short GBPJPY for the next couples of weeks.
My first short trade setup for GBPJPY for to day is labeled on the chart at around the price of : 135.350
S/l @ 136.550
T/P@ 132.230
This trade setup is valid for intraday only but I prolong it until the lunch time of Asia session by tomorrow on June 28 2016; in case the sell limit at 135.350 will not be hit, I will cancel it then.
Trade well!
m2m
Note
Some main reasons for an intraday short: As we see that at H1 TF the prices were closed below my drawn down channel on the upper grey color line thereof. I just measured a very small price movement and picked out the fibs 0.5@ around 135.350 as a short entry position. Due to the small piece of downward movement of a the last big move down, I therefore decide to make an intraday short for it.
Trade active
sell limit hit, the journey begins.Trade closed: stop reached
S/l hit, trade closed.
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