GJ Short: Reversal from a trend line of 2019 (Risky idea)

23 mar 2022

What a show of GBPJPY for last few days. However, GJ still has a good chance to go up but I've figured out a trendline yesterday and was waiting to see the price action at that line and seems like it has touched and started reversing from there. So I am entering into a short trade from here. Although as I said this is a very risky trade but still cant wait to short at this time.

My Trade:

Sell GBPJPY: 159.74
TP: Open for now but will decide based on price action once we reached to 158.11.
SL: Hedge locked to 160.32

23 mar 2022

Nota

A bigger picture of the trendline on daily chart -

23 mar 2022

Nota

Also another area of interest is the greyed zone -

24 mar 2022

Nota

My Hedge locked position activated. I'll wait till later today or tomorrow to take the next steps. I am holding both my positions.

24 mar 2022

Nota

closed my Hedged Buy position at breakeven(160.24). Created a new Hedge Buy at 160.50 against the running Sell order

24 mar 2022

Nota

it looks like bulls are really strong. However, today is Friday and I'll wait till UK and US session to wait for a counter trade.

At this moment I have 2 active trade
1. Sell: 159.74

2. Buy: 160.50 (will close it if I have a confirmed reversal)

25 mar 2022

Nota

Closed the Hedged buy at break even... now only one active order
Sell at 159.74 from yesterday .. new hedge buy is set at 161.00

25 mar 2022

Nota

this trade is really testing me.. again closed the hedged trade in break even and another pending hedged buy stop at 161.55

28 mar 2022

Nota

Interesting move in GJ so far. I am still holding both my hedged position.. Technically there are many things are going in favor of a price drop soon. (specially there is a 4H RSI divergence - which is one of my favorite trading patterns)

28 mar 2022

Nota

Looks like it's time for short. I've closed my hedge buy at 162.00 with 50 pips profit. New Hedged buy is 162.70.. I am expecting a big short move from here. lets see how it goes .

29 mar 2022

Nota

GJ - after a false impulse breakout GJ is coming back to normal trading range. RSI divergence is there which is one of favorite trading patterns. I am expecting a 200 - 400 pips drop from here (please be cautious of some spikes in opposite direction) so my previous trade is still running and there is a pending Hedge order -

Sell GBPJPY: 159.74 (from last week)
TP: Open
SL: Hedge Buy Stop at 162.50

30 mar 2022

Nota

Comment: Hi Guys, price has dropped 250 pips since I last wrote to you.. I am expecting some huge drop of 100 - 400 pips from here. my open order is now at 60 pips profit. I have updated the Hedge Buy Stop level -

Sell GBPJPY: 159.74 (from last week)
TP: Open
SL: Hedge Buy Stop at 160.50

31 mar 2022

Nota

Hedged buy stop was activated and closed it today at breakeven. till holding my sell order at 159.74 and added another sell order at 160.30

Order 1:
Sell GBPJPY: 159.74 (from last week)
TP: Open
SL: Hedge Buy Stop at 160.55

Order 2:
Sell GBPJPY: 160.30 (from 31 Mar 2022)
TP: Open
SL: Hedge Buy Stop at 160.65