Gbp/Jpy Looking for Short Setup

The Gbp/Jpy is a setup I will be looking at when the market opens this week. There was a large drop during Fridays trading and at the end of the day it started to pull back just a bit. So my idea is that the downward move will continue on to possibly test new lows.

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Look at the chart below to see my trade idea.

Sept 4

Sept 4

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Casey Stubbs is the founder of Winners Edge Trading, which is one of the most widely read forex sites on the web. Winners Edge Trading has trained thousands of people to trade the Forex markets.

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  • Cesar

    Excelent setup. congrats!

  • Jose

    I don’t know why you have to super impose another article on top of it. It’s just not readable….waste waste….

  • kazza awan

    Thanks greatly for your analysis. I have been following you of recent but yet to understand the whole logic behind successful trading. What inform somebody to go for short or long trade? which indicators can one use to be successful? Thank you.

  • valentin

    I also lean more to the upside with the last weeks failed attempt at weakening the yen and seemingly finding a bottom. If it does go south, however, it will probably go pass last weeks bottom towards 127.

  • TheReddys

    Casey,
    What timeframe is the chart you’re showing above?
    Tom

  • Clifff8

    I don’t know, I would lean more towards a play to the upside, if it goes above 130.75. First target 131.60, Second target 133.60 Reasons being related to the 60 ma, RSI divergence.
    Sweet, chart just opened and there is a gap down. Price usually moves to fill the gap. Gotta go make a trade.. bbl