Potential 5 wave move on the 1 Hour Chart
Hello Again, I don't post on here often, neither am I a professional trader, however my first and only post thus far was fairly accurate so decided to give it another go,
Please see this potential trade set up on the 1hr chart for GBP/JPY, Reasons are the following,
I believe we may be in a 5 way move to the down , currently coming to the end of wave 3,
We had an impulse move
61.8% Retracement
Impulse move to 131.8%
The next to moves 4 and 5 should be 38.2 % of wave three which is around 155.019
The move after that would be 100% of wave one which would take us to 152.783
PLEASE NOTE there is a chance that wave 3 has not completed yet and it could go down further to 153.537, if this happens I shall update my retracement and 5th wave target appropriately.
Please see sl and tp on the chart.
This IS NOT TRADING ADVICE, I am simply sharing a setup that I am interested in taking depending on how the market reacts up on opening tomorrow.
If you have any different opinion or would like to correct me on my wave analysis please feel free to do so.
also would love to join a a group on discord or telegram, of experienced traders that enjoy analysing and sharing charts, so if you know any please do let me know. I AM NOT interested in any paid signal services.
I had an amazing 6% week last week and that was after losing 3% on Friday! (absolute shambles of a day) best week I have had in weeks. , hopefully well all have a successful trading week ahead.
p.s I have linked my previously analysis to this chart for reference
Good Luck all!
Please see this potential trade set up on the 1hr chart for GBP/JPY, Reasons are the following,
I believe we may be in a 5 way move to the down , currently coming to the end of wave 3,
We had an impulse move
61.8% Retracement
Impulse move to 131.8%
The next to moves 4 and 5 should be 38.2 % of wave three which is around 155.019
The move after that would be 100% of wave one which would take us to 152.783
PLEASE NOTE there is a chance that wave 3 has not completed yet and it could go down further to 153.537, if this happens I shall update my retracement and 5th wave target appropriately.
Please see sl and tp on the chart.
This IS NOT TRADING ADVICE, I am simply sharing a setup that I am interested in taking depending on how the market reacts up on opening tomorrow.
If you have any different opinion or would like to correct me on my wave analysis please feel free to do so.
also would love to join a a group on discord or telegram, of experienced traders that enjoy analysing and sharing charts, so if you know any please do let me know. I AM NOT interested in any paid signal services.
I had an amazing 6% week last week and that was after losing 3% on Friday! (absolute shambles of a day) best week I have had in weeks. , hopefully well all have a successful trading week ahead.
p.s I have linked my previously analysis to this chart for reference
Good Luck all!
Trade closed: stop reached:
Trade closed as sl was reached, and as promised I would update the idea if required to do so, as pointed out in the below comment section, wave 3 had not completed, when I initially marked up my charts, I took 3 trades and after making to 20 pips profit set two stop losses at break even , and left the other one to run which hit sl now it has finally completed and we can see a clear move to the upside I have re released the next setup I am looking at.
