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Gbpjpysell

GBP/JPY SHORT based on a descending channelIt looks like it might be time for GBP/JPY to come down a bit again. There is an extremely well-respected descending channel and potential flag on the 4 hour chart. TELL ME IN THE COMMENTS SECTION WHAT YOU GUYS THINK ABOUT GBP/JPY CURRENTLY! PLEASE NOTE: I am starting a compound challenge where I will attempt to turn $20 into $10,000 by doubling my account (while risking 50%) for 9 straight trades. This is why my take profit is set where it is. In reality I would be looking to TP at the bottom of the channel but if price rejects at the previous low it would create a triple bottom and would likely break the channel on the next move upwards. Only time will tell. PLEASE ALSO NOTE: I don't use stop losses unless I am locking in some profit. Therefore what I will be looking for is a 4 hour candle close above the current descending channel to signal a break and an exit for me.
Short
by Jabest
Casual 2000 pips boysTechnically: rising wedge (bearish) Fundamentally: JPY short positioning overextended JPY safe haven in the event of equity downturn GBP strength keeps inflation low - BoE will not hike Brexit uncertainty remains GBP positioning not overextended - room for shorts to build Sentiment Speculative market sentiment is very bearish yen; underestimating possibility of yen strength in case of events like August 2015 Sentiment is neutral/bullish GBP Trade structure Short at spot. Add to position when wedge is broken. Add to position every 100-200 pips of downside, trail stop to profit Scale out at 130-125 yen
Short
by Exercise-Discipline
13