I’m short GBP/JPY for a R/R over 8

20 sie 2022

- As a swing trader i do my analysis on the daily time frame and my entry on the 15 minutes chart .
- I draw my support and resistances on a two daily body candlestick minimum ( as shown above )
- My analysis go through 3 steps which are technical analysis, economic calendar release and inter market relationships .

For GBP/USD
1. technical analysis : wait for a pull back and then ride the bullish trend until the round number of 1.1600
2. Economic calendar release : no economic release next week which could affect our trade.
3. Inter market relationship :
- DXY just create a new up trend which could last for a month to reach the upper resistance . (GBP/USD bearish)
- US government bond yield broke a downtrend to begin an uptrend . (GBP/USD bearish )
- UK government bond yield 10 year yield is also in an uptrend BUT its is really over extended and could retraced to at least a 0.38 Fibonacci level . (GBP/USD bearish )

My strategy is simple because the simpler it is , the easier it is to follow it with discipline.
And discipline is what make you rich in trading .
Have a wonderful day .