We potentially have a double top for GBPJPY on the 60 minute chart.
If we close with the top of a candle or wick at 186.914 in the next hour or two we might see a reversal into the 185.83 area.
SELL @ 186.37
BUY @ 186.91 (SL)
BUY @ 185.83 (TP)
Risk: 54 Pips
Reward 54 Pips
THE TREND IS UP AS WE CAN SEE,
BUT A NICE REVERSAL IS COMING INTO PLAY
SHORT INITIATED...
A BREAK BELOW 181.70 WILL TAKE US TO 181.10
BELOW THE 181.10, GBPJPY IS EXPOSED TO MORE DOWN SLIDE. TRADE CAREFULLY
STOP IS PLACED @183.30
I'VE LABELED THIS CHART A, B, AND C, SO THAT MY EXPLANATION OF EACH WILL BE CLEAR. THIS CHART ANALYSIS IS BASED ON FIB RATIO (PHI) ELLIOTT WAVE ANALYSIS, RATION SEQUENCING AND CONFLUENCE, I'VE DISREGARDED SUPPORT AND RESISTANCE, AS IT'S MY BELIEF THAT SUPPORT AND RESISTANCE ARE DEPENDABLE ON RATIO CONFLUENCE.
A.
THIS FIRST SECTION IS THE LEAST IMPORTANT SECTION...
