GBP/JPY Bearish Swing Trade- Great Risk to Reward!
Updated
The pound has been in a week state as Brexit concerns are still swinging their weight. Naturally the yen is going to be one of the safe havens that money will run to and I am looking for that flow to continue.
I have two ways to enter this potential sell as I've shown it. Ideally we can look for a drawback and rejection at resistance to get a really good risk to reward for a bearish trend continuation. As an alternative we can set a sell stop below our current candle as we have it labeled and enter on a break of that support.
I've drawn out major levels to take partial profit at and watch as we drop towards our overall target.
If we fail to get our drawback and rejection, or a break below our alternative sell stop entry, this setup may become invalidated.
I have two ways to enter this potential sell as I've shown it. Ideally we can look for a drawback and rejection at resistance to get a really good risk to reward for a bearish trend continuation. As an alternative we can set a sell stop below our current candle as we have it labeled and enter on a break of that support.
I've drawn out major levels to take partial profit at and watch as we drop towards our overall target.
If we fail to get our drawback and rejection, or a break below our alternative sell stop entry, this setup may become invalidated.
Note
Trade Not triggered, but levels still remain important if we can break down further
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