GBPJPY, 4hr timeframe, price back into zone after false break
Hello my friends,
I previosly posted about the chance of GBPJPY making a broadening wedge pattern.
Looking at the previous daily candle of all GBP pairs, i could say that most of the pairs making a bearish reversal candle so there is possibility GBPJPY could turn lower as well.
I am closing my previous buy and cut my losses at138.90 for -20 pips.
At the same time i switched into sell position because the last 4hr candle close also support further downside.
Sell GBPJPY 138.90
Stop loss 139.50
Take profit 137.85
RR ratio is 1 : 1.75
Risk only 1% of your equity
Set stop loss to entry once price move below 138.50
Good luck
I previosly posted about the chance of GBPJPY making a broadening wedge pattern.
Looking at the previous daily candle of all GBP pairs, i could say that most of the pairs making a bearish reversal candle so there is possibility GBPJPY could turn lower as well.
I am closing my previous buy and cut my losses at138.90 for -20 pips.
At the same time i switched into sell position because the last 4hr candle close also support further downside.
Sell GBPJPY 138.90
Stop loss 139.50
Take profit 137.85
RR ratio is 1 : 1.75
Risk only 1% of your equity
Set stop loss to entry once price move below 138.50
Good luck
