GBP/JPY Short Entries

FX:GBPJPY   英鎊 / 日圓
DISCLAIMER: Hi everyone, this is just a log book for me on applying everything that I have learned and continue to learn as I go along. That being said, I do not advise you to base your trading on these "ideas".

I have been watching this pair for about two weeks now since it started its bullish trend , just waiting for the reversal. Caught some awesome pips this past week and looking for short set ups. So here we go.

Daily Chart:
We see here basically a double top . Price didnt break past previous resistance, safe to say the price was gonna reverse.

4hr Chart:
So if we look at this 4hr chart we can draw a few trendlines . Bigger one being that bearish trendline its been forming since the trend reversed. We did hit some support around 143.398 and the price closed on a retracement this week. Excpected and could be a good spot to look for entries.

Just confirms whats happening. So I believe the price could touch that bearish trendline and that's where I would look for a set up. See if it will bounce off or will the pair want to go back to any previous resistance.

Alright So, I opened up a small position at 144.714. Compunded with a bigger lot size at the bounce from the trendline forming resistance and closed at the support line. It's forming a wedge here on the hourly chart so I'll wait and see that it does.
Alright so this pair is in some solid consolidation. That small bullish trendline still acting as our support but we have some major resistance around 145.333 levels. So I will wait for a breakout, either from support or the resistance and see where this pair will go.
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