GBPJPY: Short Trade from Resistance
Here is a possible short trade. The price reached the resistance zone. The market looks overbought in the 1H chart, and we can expect a correction movement. RSI confirms the price reversal in the overbought zone. MACD histogram supports a possible downward movement.
Sell below 135.810
Stop above 135.950
Profit target at 135.200
Risk per trade must be no more than 1-2% from the deposit.
If you agree with such a short trade, please support this post by smashing the like button. If you think this short trade is a mistake, share your own trading idea in comments.
As for the previous long trade, it is workable. The market will be able to continue the uptrend after the reversal from SMAs.
Disclaimer!
This post does not provide financial advice. It is for educational purposes only! You can use the information from the post to make your own trading plan for the market. But you must do your own research and use it as the priority. Trading is risky, and it is not suitable for everyone. Only you can be responsible for your trading.
Sell below 135.810
Stop above 135.950
Profit target at 135.200
Risk per trade must be no more than 1-2% from the deposit.
If you agree with such a short trade, please support this post by smashing the like button. If you think this short trade is a mistake, share your own trading idea in comments.
As for the previous long trade, it is workable. The market will be able to continue the uptrend after the reversal from SMAs.
Disclaimer!
This post does not provide financial advice. It is for educational purposes only! You can use the information from the post to make your own trading plan for the market. But you must do your own research and use it as the priority. Trading is risky, and it is not suitable for everyone. Only you can be responsible for your trading.
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