There are several reasons why I am closing this trade out early, I will list them all below:
1. MPC Treasury Committee Hearings will commence. This is the main reason!
2. Any trade in which you are using two lines for a single trade is riskier than just a single line trade. You are relying on two lines to work as opposed to the normal single line. While the scalp line break delivered the S+R line break just hasn’t managed to push up a decent amount of pips.
3. It has been a very slow week for GBP/JPY and in a market with such low momentum it is never smart to aim for large targets.
4. Price action: The price action is showing me indecision and indecision is not a really great thing especially when your looking for a continuation of a move. Indecision showing up at the top of a trend often means a reversal is coming. It is no surprise that we are seeing indecision with the MPC Treasury Committee Hearings beginning
That is about it, I am closing this trade out now at 213.46, GBP/JPY has been pretty boring over the past few weeks. This happens a few times per year and it doesn’t really worry me. All I have to do is wait it out and eventually it will get back on track. Every year you’re going to have some great months and some slow months. I had a great run from Jan to mid May (4.5 months) now it has decided to slow down for a little while and I will just let it do it’s thing.