"Pouncing on GBP/JPY: Shorting for Profits at Weekly Resistance
Trading Pair: GBP/JPY
Trade Type: Short (Sell Limit)
Risk-Reward Ratio: 1:1
Trade Signal Details:
Entry Price: 183.597
Take Profit: 183.038
Stop Loss: 184.104
Anchor Time: 1 Hour
Trading Time Frame: 15 Minutes
Trade Strategy and Technical Analysis:
The trade strategy is based on a combination of technical factors, including resistance zones, RSI divergence, and price patterns.
The price is rejecting from a significant weekly resistance zone, indicating a bearish bias.
RSI divergence on the 1-hour time frame at a strong resistance zone adds further confirmation of potential downside.
The formation of lower lows (LLs) and lower highs (LHs) suggests a bearish trend.
The price movement is within a bearish channel, aligning with the bearish outlook.
Trade Management:
Entry: Place a sell limit order at 183.597, allowing you to enter the trade when the price reaches this level.
Take Profit: Set the take profit at 183.038 to secure profits.
Stop Loss: Place a stop-loss at 184.104 to limit potential losses.
Risk Management:
Ensure that your risk on this trade aligns with your overall risk tolerance.
Avoid over-leveraging and use an appropriate position size to manage risk effectively.
Monitoring and Adjustments:
Monitor the trade closely and make any necessary adjustments as it evolves.
Stay informed about any market news or events that could impact GBP/JPY.
Please remember that trading carries inherent risks, and this trade is based on technical analysis. Always conduct your own analysis and consider your individual risk tolerance before entering any trade.
Trade Type: Short (Sell Limit)
Risk-Reward Ratio: 1:1
Trade Signal Details:
Entry Price: 183.597
Take Profit: 183.038
Stop Loss: 184.104
Anchor Time: 1 Hour
Trading Time Frame: 15 Minutes
Trade Strategy and Technical Analysis:
The trade strategy is based on a combination of technical factors, including resistance zones, RSI divergence, and price patterns.
The price is rejecting from a significant weekly resistance zone, indicating a bearish bias.
RSI divergence on the 1-hour time frame at a strong resistance zone adds further confirmation of potential downside.
The formation of lower lows (LLs) and lower highs (LHs) suggests a bearish trend.
The price movement is within a bearish channel, aligning with the bearish outlook.
Trade Management:
Entry: Place a sell limit order at 183.597, allowing you to enter the trade when the price reaches this level.
Take Profit: Set the take profit at 183.038 to secure profits.
Stop Loss: Place a stop-loss at 184.104 to limit potential losses.
Risk Management:
Ensure that your risk on this trade aligns with your overall risk tolerance.
Avoid over-leveraging and use an appropriate position size to manage risk effectively.
Monitoring and Adjustments:
Monitor the trade closely and make any necessary adjustments as it evolves.
Stay informed about any market news or events that could impact GBP/JPY.
Please remember that trading carries inherent risks, and this trade is based on technical analysis. Always conduct your own analysis and consider your individual risk tolerance before entering any trade.
"London-Based Trader | Certified Technical Analyst | Intraday & Scalping Specialist 📈📊 #Forex #Commodities #Indices #Crypto"
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