arieg1985
Short

Potential Short Position for GBP/JPY_Trade Plan 2017.06.26

OANDA:GBPJPY   Britisches Pfund / Japanischer Yen

Legend for price level, trend line , and rectangle:
Dark Gray > Weekly Level
Blue > Daily Level
Red > H4 / H1 Level
Green > M15 / M5 Level
Yellow > M1 Level

For the majority trend in D1 and H4, the current market bias is still down with price is holding slightly below MA200.
However, in H1, price is forming Higher High and Higher Low formation since last Thursday.
Currently, it is bouncing back within major H1 resistance area 142.135 - 142.554.
Look for further price action and take relevant action accordingly.

Trade Plan 1:
To follow the majority of downtrend, these 3 conditions should be in place:
1. Price forms false break out of resistance area 142.135 - 142.554 and reverses back down to the downside
2. Price continue breaks down nearest uptrend line
3. Price bounces back up and starts to form Lower High

If the above conditions are met, it means the downtrend is still intact and can consider to short the market.
With Stop Loss 40 pips and Target Profit 140 pips, the potential trade offers 3.50 Reward-To-Risk Ratio.
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