Large declines in stocks and a strong short on GBPJPY

With regards to the previous GBPJPY trade, I hit my first profit target and closed out half the trade. The second target wasn't hit so I closed out the remainder when I saw signs of weakness and realised we were not going to see a test for the top. Overall success of that trade: mediocre profit.

However, today is looking to be a good day. I have been short DAX at 9478, short FTSE at 6611 and short GBPJPY at 170.91. As of writing this post we are currently in profit nicely. You can view the charts below. Targets are the green lines.

  

With regards to the DAX and FTSE, I shorted because I saw the pullback weakening when price started reaching the 50% retracement line on the fibonnaci tool. My long term view for the stocks was that we needed to see a significant correction because stocks were so overvalued and this gave the an excellent opportunity to get short after the initial decline.

I shorted GBPJPY when I saw the upmove weaken when it failed to break the resistance line (red line). I am targetting the 100 on the fibonnaci tool because that would signify a full retracement of the upmove. If we go even lower than that then I may hold the trade for longer. If I see any significant weakness in the selling then I will take profit.

That's all for now, happy trading!