GBPJPY 27 Apr

This is a trade I missed…. I could have sold one pip below Candle A, which is an outside candle. Another possible entry is one pip below Candle B, which is a Pin bar.

However, in both cases, the signal candles did not really stand out… I would prefer candle A and B to be longer… so, I chose to skip this trade… which, unfortunately is working out fine at the moment… oh well…

Reason for entering trade:

1. Resistance at long term bearish trendline (Candle A)
2. Resistance at moving average and Fib 61.8 (Candle B)
3. Price Action
4. MACD Divergence (refer to “The bigger picture” below)

The Bigger Picture GBPJPY 27 Apr

The Even Bigger Picture GBPJPY 27 Apr

Update:

This trade would have netted 296 pips if entered below candle A, or 254 pips if entered below candle B.