My ideas on a shorting opportunity GBPJPY
Updated
**These are my opinions only, you shouldn't trade anything that is not in your plan. This trade can very well go against me.
A little late sending this out, already up about 60 pips or so but I'd figure I share the methodology behind the trade. Its been a while since I posted anything so today I'd like to share today what (I) think might be a good shorting opportunity using basic tools.
We have a minor trend line in play thats held up so far on the 1hr, in that same area theres been many rejections at an attempt to go higher (blue circle) more clearer on the 4hr. That is something that caught my eye last week to look for a shorting opportunity.
I combine those details with a 200 sma which is acting as resistance at the 139,80 level. I like this ma level it can act as support or resistance an show you the long term trend.
If the 138.60 level is violated I would look for targets at next structure around 136.40. If levels reach my target and price action shows it wants to go further I can then look for extended targets around the 133.60 level, depends on the type of trader you are.
This trading idea will no longer be valid to me if 1 my trend line shows weakness and breaks and closes above, 2 price action breaks through the area of rejection candles (blue circle), 3 breaks through the ma. I have a sl that will protect me in the case it does reverse and go against me.
**Nothing is guaranteed, these are only my ideas and opportunities that I think might be a good trade. Only trade whats in your plan!
A little late sending this out, already up about 60 pips or so but I'd figure I share the methodology behind the trade. Its been a while since I posted anything so today I'd like to share today what (I) think might be a good shorting opportunity using basic tools.
We have a minor trend line in play thats held up so far on the 1hr, in that same area theres been many rejections at an attempt to go higher (blue circle) more clearer on the 4hr. That is something that caught my eye last week to look for a shorting opportunity.
I combine those details with a 200 sma which is acting as resistance at the 139,80 level. I like this ma level it can act as support or resistance an show you the long term trend.
If the 138.60 level is violated I would look for targets at next structure around 136.40. If levels reach my target and price action shows it wants to go further I can then look for extended targets around the 133.60 level, depends on the type of trader you are.
This trading idea will no longer be valid to me if 1 my trend line shows weakness and breaks and closes above, 2 price action breaks through the area of rejection candles (blue circle), 3 breaks through the ma. I have a sl that will protect me in the case it does reverse and go against me.
**Nothing is guaranteed, these are only my ideas and opportunities that I think might be a good trade. Only trade whats in your plan!
Note
Closed trade at 136.75 almost 300 pips for the day. It was a few pips from my TP but my rules gave me the opportunity to close early. Will look for another chance to short if price pulls back and gives me a reason.
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.