GBPJPY has formed a 5-wave motive wave & an ABC correction.
We would now like to go long from the current level with a stop below the C wave.
A simple, effective wave count with nice profit targets & great risk/reward ratio.
Updates will be posted as the trade progresses
142.019 area is such a strong support ( orange arrows ) if you cant see this then go get your eyes tested and please stop trading as you will only bankrupt yourself.
This level has also been used as resistance before ( purple arrows ) so we will wait for the 4h candle to close to see if we are going long like we anticipate, either way we will have orders in place...
Fundamentals:- We have quite a few data announcements out this week which suggest an increase in average hourly earnings, cpi and gdp. After the sell off on the GBP today I would suggest this is just a price correction from Fridays up leg and we should see a further increase on the GBP especially against the weaker currencies such as the JPY.
Technicals:- As you...
Still holding positions from 150.858 now up to 152.397 - Have a TP at 155.850 for remaining positions then will be looking at selling the dip. Would like to know other peoples opinions on this and if anyone is doing anything differently
i've been watching this pair for quite a while, price has finally reached the daily structure i wanted to. Here we have two harmonic patterns already completed (Bat and Gartley) and price has formed a nice double bottom with RSI divergence.
The first way you can trade it is by buying right now, with stops below the lows and targets at a minimum 1,25:1...
i want to wish you a nice weekend by offering you these two harmonic patterns (one is almost complete) on GBPJPY.
Stops below X, targets at 382 and 618 retracement of AD leg.
If you want to ask questions, feel free to write them below.
Otherwise, see you in the next chart!