Yesterday I wrote about my expectations for gbp/jpy to reverse and go down. I said that because I noticed a tendency that if there is a sharp move on Friday, there is usually a reversal on Monday. So I waited for a reversal pattern during European session and it was formed. 135.23 level was visited a few times during Asian and European sessions and finally the pair broke down. I had my sell stop order waiting just below the level and it was opened. As you can see from the chart the pair is not going down very well.
You can see some choppy trading and the pair moving up and down. However, I am still holding my position with a stop at 135.99 level. I follow my principles and tendencies which I tried to follow even though occasionally they fail me. I do have more winning trades than losing ones trading these Friday-Monday reversals though. If I fail I already have a protective stop in order not to lose more than I have planned. So, let us just see and wait for the down trend in gbp/jpy to develop. It looks as if aud/jpy would have been better for the trade, but gpb/jpy more often offers bigger opportunities and greater risk/reward ratio.
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Disclaimer
Trading financial markets carries a high level of risk, and may not be suitable for all investors. All information on the blog is of educational nature and cannot be considered as advice, recommendation or signals to trade in any financial markets.