Why are we entering? - Price broke the ascending trendline = bearish - Expecting further GBP weakness & JPY strength = GBPJPY SHORT
What are we waiting for to happen? - Price to start retracement = so we can draw fib and draw a WFB trendline - Waiting to draw WFB
What is our confirmation? - rejection of structure, fib and EMA - WFB trendline break
Entry Safe Entry: Rejection of fib, structure and 4H EMA and then WFB Risk Entry 1: Rejection of all of the above Risk Entry 2: Break of WFB without rejection of above
Once entered, where will our Stoploss be? - above the rejected price (ideally above EMA)
Where do we take profits? - First TP: 149.5 - Second TP: Leave open
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