Friday July 21 at 10:45 ET
GBP/JPY fell to 214.90 after the recommended short at 216.44. It then bounced, offering a re-entry opportunity:
TS#131 Sell GBP/JPY at 215.80
Stop is 216.11
Target #1 is 211.00
Risk is 40 pips
Reward is 471 pips
Reward : Risk ratio is 11.8 to 1
For research purposes only
Note: this short trade was stopped out by a rise in price to 216.29 at 12:00 ET July 21.
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Previous comments:
GBP/JPY is dangerous <hr style="color: rgb(209, 209, 225);" size="1"><!-- / icon and title -->I think GBP/JPY will rise gradually to about 216.30 or a bit higher, which would be the place to short it. But overall, I think it is a very difficult currency pair to predict using our methods. Stop would have to be at about 216.85 to be somewhat safe, so I don't prefer this situation.
If it rises to about 216.50, however, one could short it with a much better reward : risk ratio. It could do this, in which case it would be an excellent trade.
post script:
GBP/JPY rose to 216.44. That was the perfect moment to short it in a low risk, high reward trade.
Since the last comment, GBP/JPY fell 154 pips to 214.90.
GBP/JPY fell to 214.90 after the recommended short at 216.44. It then bounced, offering a re-entry opportunity:
TS#131 Sell GBP/JPY at 215.80
Stop is 216.11
Target #1 is 211.00
Risk is 40 pips
Reward is 471 pips
Reward : Risk ratio is 11.8 to 1
For research purposes only
Note: this short trade was stopped out by a rise in price to 216.29 at 12:00 ET July 21.
__________________________________________________
Previous comments:
GBP/JPY is dangerous <hr style="color: rgb(209, 209, 225);" size="1"><!-- / icon and title -->I think GBP/JPY will rise gradually to about 216.30 or a bit higher, which would be the place to short it. But overall, I think it is a very difficult currency pair to predict using our methods. Stop would have to be at about 216.85 to be somewhat safe, so I don't prefer this situation.
If it rises to about 216.50, however, one could short it with a much better reward : risk ratio. It could do this, in which case it would be an excellent trade.
post script:
GBP/JPY rose to 216.44. That was the perfect moment to short it in a low risk, high reward trade.
Since the last comment, GBP/JPY fell 154 pips to 214.90.