Possible GBP/JPY trade – Extreme Caution

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Hey Guys,

Yes I am using trend lines. I know it’s not part of my method but I have been experimenting with them and they work very well with my support + resistance lines. Right here we can see a descending wedge on GBP/JPY. The top line of the wedge intersects with the 136.30 scalp line which has had three strong bounces. It looks like a decent set-up.

Basically I see it backing itself into a corner and I would love to see a break of the 136.30

This is a VERY DANGEROUS trade as there is a lot of news coming out today. I will take it but I will exercise EXTREME CAUTION.

So the trade is:

Entry: Short on the break of the 136.30 scalp line
Stop: – 70 pips
Target: + 70 pips

I will be watching this one like a hawk. The first sign that its going bad I will probably close. I suggest if you are a newbie and do not have a few trades under your belt you only demo trade this one. It is a dangerous trade.