GBP-JPY - Short Update, adding to overall short position
Updated
I had been previously looking for a higher level to add to my overall short position, but price just didn't manage to get to my preferred target.
That said, price is now reaching an area of interest to me, and where i'm looking to add to my short position, these will be at previous shorter term recent high at 133.682, then at the 61.8% = 134.285, and if price further pulls back to the 78.6% = 134.930.
Target will be initially around the 130.000 level, as i'm needing to see if we're unfolding within a shorter term corrective move, and from that level price then heads much higher, or if price starts to drift below the 129.500 level, then much lower prices are possibly to be seen, like sub 120.000 zone.
That said, price is now reaching an area of interest to me, and where i'm looking to add to my short position, these will be at previous shorter term recent high at 133.682, then at the 61.8% = 134.285, and if price further pulls back to the 78.6% = 134.930.
Target will be initially around the 130.000 level, as i'm needing to see if we're unfolding within a shorter term corrective move, and from that level price then heads much higher, or if price starts to drift below the 129.500 level, then much lower prices are possibly to be seen, like sub 120.000 zone.
Trade active
Targets hit, shorts opened. SL is above previous high / 135.752. Expecting a rejection of today's high soon. Price must stay below 135.752, breaking above this, then further upside to be considered.Note
Update following that quick move, which now gives me a note of caution. I'm looking for price to head lower from here, but it needs to push below the 134.430 to even consider that it doesn't want to move even higher. Should price move below the 134.430 level without going any higher then the short to be ok.That said, if price starts rising from current levels, then that is concerning, as higher prices would be expected. I may tighten up my stop loss by bringing it down to today's high. So it's just a matter of waiting and seeing if price can push lower from here.
Trade active
stops moved to break evenTrade closed manually
I have decided to close this trade off now.It may well be that a bottom has been made at the recent low on Wednesday, and from here we move higher in wave 3.
I don't want to miss the start of such a move, and I have put a long trade on with a stop below the recent low, will see over the coming days if it get some legs to the upside.
Risk is therefore limited for now.
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