GBP/JPY Trade Setup (1H Timeframe)
Watching the GBP/JPY pair closely for a potential short setup. Price is approaching a critical area near the ascending trendline, and I'm anticipating a potential breakdown from this level.
Plan: Wait for a break and retest of the trendline around 190.546 for confirmation before entering short.
Entry: 190.546 (on the retest after a confirmed break)
Stop Loss: 192.446 (above recent highs, -189 pips)
Take Profit 1: 189.008 (+153 pips)
Take Profit 2: 186.976 (+357 pips)
Take Profit 3: 183.771 (+678 pips)
I will wait for confirmation and enter on the retest. If TP1 is hit, the stop loss will be moved to break even to secure profits.
Plan: Wait for a break and retest of the trendline around 190.546 for confirmation before entering short.
Entry: 190.546 (on the retest after a confirmed break)
Stop Loss: 192.446 (above recent highs, -189 pips)
Take Profit 1: 189.008 (+153 pips)
Take Profit 2: 186.976 (+357 pips)
Take Profit 3: 183.771 (+678 pips)
I will wait for confirmation and enter on the retest. If TP1 is hit, the stop loss will be moved to break even to secure profits.
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.
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.