GBPJPY Short Trade Idea
I'm Already in a short on GBPJPY with the following setup:
Entry: 191.592
Stop Loss (SL): 191.930
Take Profit (TP): 190.032
Trade Rationale:
The price action on GBPJPY has shown signs of bearish pressure, suggesting a potential reversal as the pair approaches key resistance levels. This setup is based on technical analysis signals, including a confluence of resistance and a weakening momentum in the GBP versus the JPY. The stop loss is strategically placed just above the resistance area, while the take profit targets a critical support level, offering a favorable risk-to-reward ratio.
Strategy Considerations:
Risk Management: Tight SL placement helps contain potential losses if the market briefly moves against the trade.
Market Monitoring: Look for confirmation signals at the entry point and keep an eye on overall market sentiment, particularly any news impacting GBP or JPY.
This short setup aims to capitalize on a brief correction in GBPJPY, and I'll be closely monitoring price action for any signs of a reversal or increased volatility.
Happy trading!
Entry: 191.592
Stop Loss (SL): 191.930
Take Profit (TP): 190.032
Trade Rationale:
The price action on GBPJPY has shown signs of bearish pressure, suggesting a potential reversal as the pair approaches key resistance levels. This setup is based on technical analysis signals, including a confluence of resistance and a weakening momentum in the GBP versus the JPY. The stop loss is strategically placed just above the resistance area, while the take profit targets a critical support level, offering a favorable risk-to-reward ratio.
Strategy Considerations:
Risk Management: Tight SL placement helps contain potential losses if the market briefly moves against the trade.
Market Monitoring: Look for confirmation signals at the entry point and keep an eye on overall market sentiment, particularly any news impacting GBP or JPY.
This short setup aims to capitalize on a brief correction in GBPJPY, and I'll be closely monitoring price action for any signs of a reversal or increased volatility.
Happy trading!
Trade closed manually
i have exited this trade at 11"30 AM newyork timeNote
Target hit 
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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.