April 20 2016 – Day Trade Idea: GBPJPY

gbpjpy daily chart.png

gbpjpy 1h today.pnggbp 15.png

I figured that posting my trade ideas here like a normal trading journal will help me better.

Given that GBPJPY is a highly correlated asset with any sentiment on $SPX500 and $USDJPY.  I’m also biased on shorting the $USDJPY given its recent inability to move beyond 109.7

To manage the risk,  I’m essentially just going to trade one pair and place stop given above levels and rationale.  gbpusd resistance.png

usdjpy daily.png

oil bearish.png

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