( -110, -120) week17 GBPJPY counter trend 5 day bull trap waiting for a good setup

d1

A strong trendline is defending against the bulls, who has strong reasons for upward movement with a 3 month ihs chart pattern. A long time symmetrical chart pattern is indeed compelling reason for perhaps strong continuation of the 2013 trend.

week17 GBPJPY D1 4 day bull trap pending close 230414

h1

but right now trade will be pure counter trend for me. I am in no hurry to short this and will be waiting for a minimum 2 day flush to match up with a 5 day bull trap.
week17 GBPJPY h1 5 day bull trap waiting for good setup 250414

updated 250414 2114 hrs

h4

Did not managed to get in earlier at a suspected 1234; not the best of pattern but now 13TL is completed and a WR2B has been done.
Have to assume that consolidation is completed and now price is ready for a subsequent downmove.

week17 GBPJPY h4 WR2B ctt entry point 250414

Note that space will be limited and hence order for this trade will be quick TP @ about 90-100 pips. I will be happy with that.

A trade checklist

Checklist suggested that trade may not be top grade, based on points. Reduce risk n lot size.

week17 GBPJPY A trade checklist 250414

updated 040514

Question is would I have averted this loss by choosing to tp and run at this bear trap?

What I have did ok to compensate for this late entry will be reduced lot size , so this was the saving grace of this losing trade.

week18 GBPJPY h4 -110, -120 trade outcome 040515

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