NY Forex Reversal Trade – GBP/JPY April 16th 2012
Live Day Trade Short – GBP/JPY
Before the large stop run to the downside there was an opportunity to take the GBP/JPY as it completed the topping formation. At this point the GBP/JPY had only give what looked like the second push down in the overall weekly cycle. Because of this the safer trade was looking for a push up ending in a stop run reversal or topping formation. As you can see it gave the clear M trap move which candle confirmation for the move back to the downside in the direction of the weekly cycle.
I should have taken a bit more out of this trade after the stop run setup long that Ster took was visible, but either way it was a nice trade that netted about +50 pips between both positions I had running.
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