Analyse my trade (GBP/JPY Short)

Beginner Questions
1

My current approach to trading involves initially identifying a trend in market on a higher (D1 and H4) timeframe, and then dropping down to the H1 chart to find an entry point for a trade in the direction of the main trend…

Yesterday (at 19 : 21 : 00 GMT) I entered a short order on the GBPJPY pair for the following reasons:

  1. The market was trending downwards on the D1 and H1 charts, as you can see here:

    image.jpg700×394 25.4 KB

    image.jpg700×394 24.3 KB

  2. On the hourly chart, we can observe that there was a shorter term up trend (retracement) between the 1st and 4th of March.

    image.jpg700×394 31.1 KB

However, this was followed by a double top, which may result in a continuation of the overall down trend.

  1. On the daily chart, a Doji (followed by a Marubozo) formed after the retracement. This is also a sign that the initial trend may resume.

[ul]
[li]I sold into the market at the 160.111 level.
[/li][li]My target profit is at 155.784
[/li][li]My stoploss is at 160.819
[/li][li]
[/li][/ul]

What are your thoughts on this trade?

2

I am also like to trade on gbpjpy, and similar with you, I am still want to sell vote for this pair, because on weekly timeframe also still figure out bearish patern although previous week on bullish but sems already get new sign if trend still dominant to bearish.

3

So far, it is not going in your favor. In my opinion, on this currency pair we will see a rally after this big correction.

4

Thanks for the response. What is the basis for your belief that the pair may rally?