British Pound Japanese Yen (GBP/JPY) - 09/09/2024

GBPJPY - 09 Sept 2024

Analysis:

1. Market Behavior:
- GBPJPY typically moves from zone to zone
- Respects 4-hour structure points

2. Trade Opportunity:
- Sought selling opportunity at London open
- No bearish signal observed, resulting in no trade execution
- No setup = No signal = No trade

- Strong bearish candle closed before New York open (30-minute timeframe)

3. Entry Criteria:
a) Enter on a wick up at New York open
b) Enter on a break of the previous candle's low

4. Execution:
- Opted for entry on break of previous candle's low
- Uncertain about New York session's initial wick up as it wasn't at structure point. (A bearish signal at the zones could have justified entry on the wick up.)

Result:
- Successfully executed a 3R:R trade

Lessons:
1. Patience in waiting for clear setups pays off
2. Flexibility in entry strategies based on market conditions is crucial
3. Importance of having predefined criteria for trade execution