GBPJPY: Multi Time Frame Analysis & Trading Plan

2020年5月20日

pound yen is standing on a key daily/4H structure.

once the price reached the underlined structure, the market leaves multiple clues to consider:
RSI divergence,
weak indecision candles,
double top formation on 1H.

now I am looking for a 1H candle close below 131.9 to short the pair on pullback.

my stop will be - 132.6

t1 - 131.16
t2 - 130.70

risk - 1%

(moreover, we have a nice potential to see further decline below these levels, leave so profit for stop trailing to catch a big winner:)

if the minor support is respecting and market sets new higher high, setup will be invalid