GBP/JPY Short Setup - 1 Hour charts - 1:3 RR
I'm looking for a short position on GBP/JPY. Waiting for a 1 hour close below 193.275 to confirm entry. The pair has rejected resistance near 194.150 and is now moving downwards, forming a potential break of the ascending trendline support.
Trade Plan:
Entry: After a 1-hour close below 193.275
Stop Loss (SL): 194.150
Target 1 (TP 1): 192.810 (Move stop to break even here)
Target 2 (TP 2): 191.928
Target 3 (TP 3): 190.572
The risk-to-reward ratio is favorable (1:3 RR), with a clear invalidation above the 194.150 level. Let's see if the price continues to respect the trendline and if we can capitalize on the downside momentum.
Trade Plan:
Entry: After a 1-hour close below 193.275
Stop Loss (SL): 194.150
Target 1 (TP 1): 192.810 (Move stop to break even here)
Target 2 (TP 2): 191.928
Target 3 (TP 3): 190.572
The risk-to-reward ratio is favorable (1:3 RR), with a clear invalidation above the 194.150 level. Let's see if the price continues to respect the trendline and if we can capitalize on the downside momentum.
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