Back to safe waters? - Ichimoku GBP/JPY Short Trade Setup
Despite being stuck in a relatively tight zone we have been rejected when attempting a longer term bullish trend. We're now sitting at tenken sen and getting rejected so far; a break down below price structure where I've placed my entry could lead to a nice bearish move, especially if we can break previous price structure lows. If you look to the left you'll see there are two main areas of price structure support I've drawn horizontal lines at. I've also drawn these lines to show partial take profit levels in the case this progresses as we have held those levels previously. If we fail to break those levels we will still have had good partial profit and the wort case scenario is that it retraces and takes the rest of the position out at break-even or slight profit. If we fail to get the drop below price structure at all, this setup may become invalidated.
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