the article 50 is now officially signed and May and other officials are about to delivery speeches and comments.
We heard this on the Squawk and we think there will be another round of selling as the session has been profit taking to recover into GBP.
We chose GPB/JPY because the European equities are now turning red and we might have a shift in sentiment for the day.
This trade is a mid conviction trade but still with tight stop loss as the swing might be large in gbp/jpy.
We enter with 15 mins chart and only aim for previous 100% low with SL at 78% at 138.30, around 23 pips.
GBP/JPY levels
4H/Daily S/R @ 138.20
Whole number 138
S1 @ 137.80
4H/Daily S/R @ 137.66
PP & 100 EMA & 4H/Daily S/R @ 138.50-138.60
****we did not wait for breakout of the trend as this is a type 2 trade and we got in because of the Squawks.****
***this trade was a loser because it was highly speculative as we DID NOT hear anything negative about the Article 50.
also, my management was incorrect as i got in as type 2 and the SL should be 30 pips, in that case i would still be in the trade.
not only that, the trade eventually worked out with 5 minutes and came down to give us 30 pips.
the article 50 is now officially signed and May and other officials are about to delivery speeches and comments.
We heard this on the Squawk and we think there will be another round of selling as the session has been profit taking to recover into GBP.
We chose GPB/JPY because the European equities are now turning red and we might have a shift in sentiment for the day.
This trade is a mid conviction trade but still with tight stop loss as the swing might be large in gbp/jpy.
We enter with 15 mins chart and only aim for previous 100% low with SL at 78% at 138.30, around 23 pips.
GBP/JPY levels
4H/Daily S/R @ 138.20
Whole number 138
S1 @ 137.80
4H/Daily S/R @ 137.66
PP & 100 EMA & 4H/Daily S/R @ 138.50-138.60
****we did not wait for breakout of the trend as this is a type 2 trade and we got in because of the Squawks.****
***this trade was a loser because it was highly speculative as we DID NOT hear anything negative about the Article 50.
also, my management was incorrect as i got in as type 2 and the SL should be 30 pips, in that case i would still be in the trade.
not only that, the trade eventually worked out with 5 minutes and came down to give us 30 pips.