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British Pound / Japanese Yen
Short
Updated

GBPJPY Support and Resistance Trading Strategy

128
STRATEGY: S&R Trading Strategy
ID: 1209

  • Analysis TF: 1D
  • Focus TF: 1H
  • AOV: Minor Resistance Area
  • ET (1H): Bearish Engulfing
  • CP: Ascending Channel


1D Analysis
MS: Sideways - Price is moving in a range
snapshot

1H Analysis:
CP: Ascending Channel - Price is moving inside the Ascending Channel. However, price failed to break above minor resistance of 140.597. It also looks like price made a pullback under the Ascending Channel.
Price closed with Bearish Engulfing which act as our Entry Trigger (ET).

snapshot


Short Position
SL: Just above the Minor resistance (140.618)
TP: 2.19R - Just before Major Support




Note: This post is my personal journal/opinion only. Please trade at your own risk.
Trade active
Price moved on our favor. Moved the SL to intentionally choke the price. Previous TP target might not get hit so I moved up the TP equal to the low of the latest pinbar as this is a sign of weakness.

snapshot
Trade active
Also added Trailing Stop = to new SL just to make sure.
Trade closed: stop reached
Closing: TS got hit. Excellent Trade though! Thank you Lord!

snapshot
jumpstartscript
aovareaofinterestareaofvalueBearish EngulfingconfluenceentrytriggerGBPJPYMultiple Time Frame AnalysisParallel Channelscale-inSupport and Resistance

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.
aovareaofinterestareaofvalueBearish EngulfingconfluenceentrytriggerGBPJPYMultiple Time Frame AnalysisParallel Channelscale-inSupport and Resistance
jumpstartscript

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.