GBPJPY SELLHey Traders!
Undercover Trading LLC
I will be sharing a setup I have been waiting on for weeks here in this space which is GJ, so for the past few weeks GJ has been on a clear downtrend and we have seen it clearly on the daily from November 2022 till date.
Having cleared our bais issue we now look forward to determining where the price will be retracing/swinging from which is a very big deal and 80% of the time we are correct. So in doing that we picked a POI which is an order block that broke structure to the downside around December 2022 which also has a lot of imbalances left to be filled. With our UCT extra confirmations checked on the order block, we selected that as our POI which we will be selling directly from.
But in any case, if you wish to minimize your loss and increase your reward on each trade it is always best to trade with the 50% rule than look for lower timeframe entries but mind you, you'll miss lots of entries.
That's it for GJ, cheers guys!!!!
In order to avoid so many re-entries that come with refinement in POI I always advise trading off of the POI itself rather than looking for lower timeframe entries which I consider time-consuming and a rollercoaster of entries.
