GBP/JPY SHORT based on a descending channel

It looks like it might be time for GBP/JPY to come down a bit again. There is an extremely well-respected descending channel and potential flag on the 4 hour chart.

TELL ME IN THE COMMENTS SECTION WHAT YOU GUYS THINK ABOUT GBP/JPY CURRENTLY!

PLEASE NOTE: I am starting a compound challenge where I will attempt to turn $20 into $10,000 by doubling my account (while risking 50%) for 9 straight trades. This is why my take profit is set where it is. In reality I would be looking to TP at the bottom of the channel but if price rejects at the previous low it would create a triple bottom and would likely break the channel on the next move upwards. Only time will tell.

PLEASE ALSO NOTE: I don't use stop losses unless I am locking in some profit. Therefore what I will be looking for is a 4 hour candle close above the current descending channel to signal a break and an exit for me.

Kommentera:

My TP has been hit and I have closed my trade. Make sure if you took this trade to place a stop loss at break even or in profit.

If you want to continue to hold, wait until it reaches the bottom of the channel to close.

Trade stängt: målet nått:

This trade did exactly as I expected. It hit the lower trendline (which was my ultimate TP for this trade) and then went right back up to the upper trendline.

Too bad I wasn't home to take the buy lol.

I've been taking buys and sells at the bottom and top of the channel for a while now so it would've been an easy 200 pip day just based on G/J.

Next time I guess.

Let me know if you followed this trade and made money!