GBPJPY Short. 8x returns

6 thg 4, 2022

Hi,

This is a trade I have posted about a couple of times recently. I am still bearish on GBPJPY and looking at the 4h chart I am even more confident.

What am I seeing?
- Full Wyckoff distribution range starting May 21
- Increasing volume on downward moves and descreasing on upward in UTAD starting March 22

What am I doing?
- Waiting for price to fully retest highs of 28 March with decreasing volume. This will result in better R:R

I will update this trade as I enter and as it progresses

6 thg 4, 2022

Ghi chú

Small breaks to the bottom of the structure. If the attempt to move higher brings lower lows and a decreasing volume then I will enter short position.

6 thg 4, 2022

Giao dịch đang hoạt động

Just entered the trade. Take profit is around the 120 mark, the lows around May 2012. This trade will return ~800% and risk ~5% of the position.

7 thg 4, 2022

Đóng lệnh: dừng lỗ

Stopped out for now. I will continue watching to see what price does between the highs of 6 April 14:00 and lows of 7 April 01:00 on the 1h chart.

7 thg 4, 2022

Giao dịch đang hoạt động

Decreasing volume on the move up on 1h paired with the strong move to the downside on 15m and increasing volume as we go means that I have re-entered a short position. I will watch the bottom of the range I mentioned in the previous update to see if price blasts through or is rejected.

8 thg 4, 2022

Ghi chú

This trade is being really stubborn but still holding short position for the time being.