GBP/JPY Trade Setup: Short Position on Rising Wedge
I've identified a rising wedge pattern on the GBP/JPY hourly chart and have taken a short position based on this bearish formation. I'm executing this setup with two entries:
First Entry: At the top of the rising wedge, with an entry at 189.520.
Second Entry: On a confirmed break of the wedge, around the 187.93 area, based on an hourly close below the pattern.
The rising wedge is often a precursor to a bearish reversal, and I'm positioning for a downside move. This two-pronged entry strategy allows me to capitalize on both the potential resistance at the top and the momentum if the wedge breaks to the downside.
I'll continue to monitor the trade and update as it progresses.
First Entry: At the top of the rising wedge, with an entry at 189.520.
Second Entry: On a confirmed break of the wedge, around the 187.93 area, based on an hourly close below the pattern.
The rising wedge is often a precursor to a bearish reversal, and I'm positioning for a downside move. This two-pronged entry strategy allows me to capitalize on both the potential resistance at the top and the momentum if the wedge breaks to the downside.
I'll continue to monitor the trade and update as it progresses.
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