GBPJPY entering a new trend?
GBPJPY has been in a strong uptrend since the beginning of September. Today, for the first time in 2 weeks, the price passed the Ichimoku cloud, showing some strength by sellers.
The blue line of the Ichimoku is also heading down, so we have two fundamental conditions to consider a short position.
Price and red line are below the blue line, while the Chikou Span is below the past price. We have enough conditions to consider to enter our position right now. I still want to wait for the breakout of last low, formed by the candle that broke through the cloud.
Risk to reward ratio is very appealing, especially considering that normally with the Ichimoku trading strategy, we struggle to achieve a RR ratio that is above 1:2.
The blue line of the Ichimoku is also heading down, so we have two fundamental conditions to consider a short position.
Price and red line are below the blue line, while the Chikou Span is below the past price. We have enough conditions to consider to enter our position right now. I still want to wait for the breakout of last low, formed by the candle that broke through the cloud.
Risk to reward ratio is very appealing, especially considering that normally with the Ichimoku trading strategy, we struggle to achieve a RR ratio that is above 1:2.
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The price formed a new swing high at 135.02, so I preferred to move the stop loss from 135.00 to 135.05.
In case our order will be triggered, we still have a good risk to reward ratio of 1:2.54.