GBPJPY 550 pips Range!
Updated
This week Hot Pick is the GBPJPY! Pretty simple setup. This market has formed a double top at a strong past support becomes future resistance. In addition, looking at GBP crosses, I anticipate the GBP weakness for this upcoming week. However, due to heavy fundamental announcements this week, I am looking to reduce my normal 1% risk to 0.5% risk per trade. I am looking to enter short at market open with my stop at the red dashed horizontal line. One could also wait for the red counter trendline break before shorting.
Trade active
I entered at market yesterday after spread stabilized @ 151.98 with 0.5% risk. I will look to add into position at a lower high.Comment
I am looking to add another position after this 4H candle closedComment
Expect a small pull back and I am going to size in my positionComment
Market pulls back as expected. It has taken out a low and forming a whats-called a king's crown pattern and its now holding at the right tip. I am holding my tradeComment
I am still in~
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.