Hello Happy traders!
Here is my GBPJPY Short Setup.
On Daily chart, the price seems to be at Role-Reversal area, with Stochastic at 75%.
On H4 chart shows the downtrend and the price is at WM4. I guess some challengers already sold this pair from WM4. Only my concern is that the price is beyond Fib61.8%.
Well, in that case, simply we should set SL at Fib76.4%. So let’s challenge it! 🙂
H1 chart shows “Double Top” + “Bearish Divergence”. Yes, my favorite setup!! 🙂
As an entry, you can play 5/8 cross on M15 chart. But if you are more conservative, you can wait for the break (down) on M15 chart, and try to short only after pullback!
1st target should be MPP (146.15).
2nd target should be WPP (145.22).
Stop should be Fib76.4% (148.35), or WR2 (148.33)… or if you believe the double top on H1, then the Stop can be just above it, which is 148.10ish.
Thanks for checking my setup.