"Pouncing on GBP/JPY: Shorting for Profits at Weekly Resistance

2023年11月1日

Trading Pair: GBP/JPY
Trade Type: Short (Sell Limit)
Risk-Reward Ratio: 1:1

Trade Signal Details:

Entry Price: 183.597
Take Profit: 183.038
Stop Loss: 184.104
Anchor Time: 1 Hour
Trading Time Frame: 15 Minutes

Trade Strategy and Technical Analysis:

The trade strategy is based on a combination of technical factors, including resistance zones, RSI divergence, and price patterns.
The price is rejecting from a significant weekly resistance zone, indicating a bearish bias.
RSI divergence on the 1-hour time frame at a strong resistance zone adds further confirmation of potential downside.
The formation of lower lows (LLs) and lower highs (LHs) suggests a bearish trend.
The price movement is within a bearish channel, aligning with the bearish outlook.
Trade Management:

Entry: Place a sell limit order at 183.597, allowing you to enter the trade when the price reaches this level.
Take Profit: Set the take profit at 183.038 to secure profits.
Stop Loss: Place a stop-loss at 184.104 to limit potential losses.
Risk Management:

Ensure that your risk on this trade aligns with your overall risk tolerance.
Avoid over-leveraging and use an appropriate position size to manage risk effectively.
Monitoring and Adjustments:

Monitor the trade closely and make any necessary adjustments as it evolves.
Stay informed about any market news or events that could impact GBP/JPY.
Please remember that trading carries inherent risks, and this trade is based on technical analysis. Always conduct your own analysis and consider your individual risk tolerance before entering any trade.