Short

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.

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I am looking to add another position after this 4H candle closed

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Expect a small pull back and I am going to size in my position

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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 trade

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I am still in~

fnswingfx

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