GBPJPY - SEPT 25 - SELL OPPORTUNITY - HEAD AND SHOULDERS

In my last GBPJPY idea, we bought the pair from 147.20 and closed at 148.00 for 80 pips profit. The reason we close our long trade is because JPY might be strong soon and Pound tends to be volatile and weak due to Brexit developments. We are now changing our bias from long to short.

In 1 hour chart, price has made a 50% pull back from its last swing high and formed the right shoulder of a classic head and shoulder pattern. Therefore, we can short GBPJPY now. We can enter a sell position at around 147.80-90, stop loss at the high of the right shoulder which is 148.30.
Conservative traders can enter at the break of the neckline.

Take profit levels as follows: 147.00, 146.50, 145.70.

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Comentário:

SL hit, entered too early but structure still is not broken. If account can handle, re-enter at 148.40-50, SL 149.20.

If you took CHFJPY, EURAUD, GBPUSD, and GBPAUD trades, you should have enough profit to cover the losses. :)

Trade safe!