Mar 132023
Bears have been relentlessly selling off GBPJPY breaking significant support levels. In fact, all JPY pairs are down signifying a flight to safety mode by traders and investors. This could be classified as a black swan event – US Financial Crisis 2023?
I wasn’t able to take any short positions. I am waiting for a good retrace to get in. By marking the last bearish leg with a high of 163 and low of 160, 50% retrace would be 161.50 level to short. 61.8% is 161.90 so I’d be placing a stop loss at about 162.10.
I’m not particularly sure if this trade idea would even take place in the last session. Otherwise, there’s always tomorrow to wait for.
Trader H
TraderH is a foreign currencies trader and a former Certified Securities Representative in the Philippine equities market. All posts herein are personal views and are not endorsed by any organization whatsoever. It is important that you practice due diligence in your trade plans. This website and its authors will not be held responsible nor liable to any of the reader's losses.