GBP/JPY Trade Plan
In this trade plan targeting a sell (short) position based on current market analysis. The plan aims to capitalize on potential bearish movement.
Entry Level: 198.950
Stop Loss (SL): 200.500
Take Profit 1 (TP1): 195.475
Take Profit 2 (TP2): 193.848
The decision to short GBP/JPY at the 198.950 entry level is based on technical indicators and price action analysis suggesting a potential reversal from current highs. This level has shown signs of strong resistance, where previous attempts to breach higher have been rejected, indicating a possible downtrend in the near term.
Key Resistance Level: 198.950 has acted as a significant resistance point, where sellers have consistently outweighed buyers, leading to a push downward in price.
Managing risk is a crucial part of this trade plan. The stop loss is set at 200.500, slightly above the previous swing high, allowing room for market fluctuations while protecting against unexpected breakouts. This translates to a risk of 155 pips if the market moves unfavorably.
Risk-to-Reward Ratio (TP1): With the entry at 198.950 and TP1 at 195.475, the potential reward is 347.5 pips, which provides a favorable risk-to-reward ratio of approximately 1:2.24.
Risk-to-Reward Ratio (TP2): The second take-profit target at 193.848 offers an extended reward of 510.2 pips, improving the overall risk-to-reward ratio to approximately 1:3.29. This allows for maximizing gains if the bearish trend continues.
This trade plan takes into account the broader economic landscape affecting GBP and JPY, including interest rate expectations, geopolitical events, and market sentiment. The trade will be monitored closely for any significant news or economic data releases that could impact volatility, especially from the Bank of England or Bank of Japan.
Trailing Stop: Once TP1 is reached, consider moving the stop loss to break even or locking in partial profits to minimize risk exposure. A trailing stop can also be applied to protect profits if the price continues to move favorably toward TP2.
Support Levels: 195.475 and 193.848 are the key support zones that are expected to act as potential price targets for this trade.
The GBP/JPY short trade plan presents an opportunity to capture potential downside movement, leveraging technical resistance at 198.950.
ALWAYS USE STOPLOSS AND TAKE PROFIT AS WELL AS RISK MANAGEMENT FOR YOUR TRADES.
ITS JUST MY ANALYSIS OR PREDICTION LET'S SEE WHAT WILL HAPPEN IF YOU LIKE MY IDEA SO SUPPORT ME AND BOOST TO APPRECIATES.
Entry Level: 198.950
Stop Loss (SL): 200.500
Take Profit 1 (TP1): 195.475
Take Profit 2 (TP2): 193.848
The decision to short GBP/JPY at the 198.950 entry level is based on technical indicators and price action analysis suggesting a potential reversal from current highs. This level has shown signs of strong resistance, where previous attempts to breach higher have been rejected, indicating a possible downtrend in the near term.
Key Resistance Level: 198.950 has acted as a significant resistance point, where sellers have consistently outweighed buyers, leading to a push downward in price.
Managing risk is a crucial part of this trade plan. The stop loss is set at 200.500, slightly above the previous swing high, allowing room for market fluctuations while protecting against unexpected breakouts. This translates to a risk of 155 pips if the market moves unfavorably.
Risk-to-Reward Ratio (TP1): With the entry at 198.950 and TP1 at 195.475, the potential reward is 347.5 pips, which provides a favorable risk-to-reward ratio of approximately 1:2.24.
Risk-to-Reward Ratio (TP2): The second take-profit target at 193.848 offers an extended reward of 510.2 pips, improving the overall risk-to-reward ratio to approximately 1:3.29. This allows for maximizing gains if the bearish trend continues.
This trade plan takes into account the broader economic landscape affecting GBP and JPY, including interest rate expectations, geopolitical events, and market sentiment. The trade will be monitored closely for any significant news or economic data releases that could impact volatility, especially from the Bank of England or Bank of Japan.
Trailing Stop: Once TP1 is reached, consider moving the stop loss to break even or locking in partial profits to minimize risk exposure. A trailing stop can also be applied to protect profits if the price continues to move favorably toward TP2.
Support Levels: 195.475 and 193.848 are the key support zones that are expected to act as potential price targets for this trade.
The GBP/JPY short trade plan presents an opportunity to capture potential downside movement, leveraging technical resistance at 198.950.
ALWAYS USE STOPLOSS AND TAKE PROFIT AS WELL AS RISK MANAGEMENT FOR YOUR TRADES.
ITS JUST MY ANALYSIS OR PREDICTION LET'S SEE WHAT WILL HAPPEN IF YOU LIKE MY IDEA SO SUPPORT ME AND BOOST TO APPRECIATES.
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running 100+ pips.
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