Carlos44

GBP/JPY SELL FROM 1.42 REGION - SHORT TERM SELL

Short
FX:GBPJPY   British Pound / Japanese Yen
Looking at shorting GJ from current price when markets open looking at price action we can see that we have hit a point of resistance wed haven't broken this zone since 13th jan not only that every time we come into this area of 1.42100-1.42200 we start to see bearish price action showing this level of resistance could hold once more but you have to remember that we are in a strong uptrend so this trade would be going against the trend but its worth the shot as the risk to reward is around 1:8

we can see that we have been in a bit of consoldation recently for the past two weeks my general outlook on gj is still bullish but this move here could catch around 100+ to the downside

Reasons for sells

1. daily closure Friday bearish
2. weekly 200m respected
3. At the top of the range/at a strong level of resistance

SELL FROM OPEN WAIT FOR 11PM
ENTRY : 142.000
STOP LOSS 142.150 (15PIPS)
TAKE PROFIT 1 141.000 (100 PIPS)
TAKE PROFIT 2 140.400 (170 pips)

Looking at the overall trend of gj is bullish which means this is counter trend trade use only 1% of account balance

Trade at your own risk
Order cancelled: We got stopped out of this position which was unfortunate but I think price will now be bearish to at least target 1