GBP/JPY SHORT - Below 164 resistance.
Potential short opportunity for GBP/JPY.
My logic:
Approaching a nice downward trend line.
Stochastic is overbought.
Price capped by strong resistance at 164.
My trading plan:
Already short at 163.850 with a stop loss of 164.250 and first target 161.100. Small risk trade as I dont think the resistance at 164 will be broken, If it breaks I will look to re enter upon reaching the trend line.
My logic:
Approaching a nice downward trend line.
Stochastic is overbought.
Price capped by strong resistance at 164.
My trading plan:
Already short at 163.850 with a stop loss of 164.250 and first target 161.100. Small risk trade as I dont think the resistance at 164 will be broken, If it breaks I will look to re enter upon reaching the trend line.
Commentaire:
Resistance broke, trade ended at stop loss - small loss. Shorted at rejection of trend line - Stop loss just above the trend line and the same target.