GBPJPY is in an uptrend so logically makes sense to buy.
However, price seems to be heading to a key liquidity zone which will potentially see lots of sellers
Option 1 sell - Will wait for the 4H candle to close. If it closes below structure, we can look to enter a sell. if it closes above structure, we'll wait for a retest and enter a small buy heading to the Order block (circled) for our main Option 2 sell.
Option 2 sell - You can set your stop loss where your risk management dictates. However, note that since that is a major liquidity zone, there is a risk an institutional candle may try to clear out liquidity (sellers' stop losses) before it heads down.
Always wait for the candle close around structure to give you a better indication of the direction of travel
However, price seems to be heading to a key liquidity zone which will potentially see lots of sellers
Option 1 sell - Will wait for the 4H candle to close. If it closes below structure, we can look to enter a sell. if it closes above structure, we'll wait for a retest and enter a small buy heading to the Order block (circled) for our main Option 2 sell.
Option 2 sell - You can set your stop loss where your risk management dictates. However, note that since that is a major liquidity zone, there is a risk an institutional candle may try to clear out liquidity (sellers' stop losses) before it heads down.
Always wait for the candle close around structure to give you a better indication of the direction of travel
Commentaire:
20 pips off target with 600 pips profit down up and down. Boom!