Short 1 lot (500 units) GBPJPY @ 5731
Stop @ 5775 (-44 pips)
First target @ 5687 (+44 pips)
Confidence Level: 7/10
Reasons to take trade:
- Strong resistance at highs on 1 hour chart
- Pivot resistance @ 5720
- Bearish short-term bias based on the trendline on the daily chart
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Plan:
- Take off 300 units at first target of 5687
- Take off 100 units at 5655 (+76 pips)
- Move stop on last 100 units to +5 and let it rip
Entered limit orders to take me out at the desired levels.
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Price kept going….
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Moved stop to +5 pips and went to sleep…
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When I woke up, price already rebounded significantly. I closed out the last 50 units @ 5570 for a +161 profit.
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It would have been nice to capture most of that move, but that’s how it goes. Unit weighted pip profit on this trade was +68 pips. On to the next trade!
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