GBPJPY Short

Shorted GBPJPY at 147.15. Stop loss set at 147.45 a conservative 30pips Stop loss. Profit target set at 146.15 near the weekly pivot. My long term trigger line cum support is also right at that level. Therefore is a very significant level for me.

Base on the 4hr chart, the short term trend line shown above had been broken. My signal came in at 2000hr. Its a double confirmation for me to short this trade. I'll need to monitor this trade closely. Position will be move to breakeven once it hit 50pips profit.

For now, I'll seat back and relax. I trade what I see with little emotion. Once trigger was pulled, there is nothing much as trader can do but wait out for the trade plan to materialize. We manage our loss and and let profits run. Set targets and stop loss according to what we see from the charts, if the win lost ratio is healthy we have lesser risk. If its even risk reward, we have to read our chart closely and prepare to manage risk in a conservative manner.