UK took a big hit today with GBP opening gaps -1% over almost all currencies, due to Scotland independence surveys.
The short is quite easy and the risk reward very good.
* resistance unbroken
* GBP in freefall
* Instability due to Scotland
* And cherry on the cake, we may have a Wolfe Waves Pattern playing there, with Target Price around 6400 (5% Gain).
Bullish WW pattern,
Entry @ the 1H time frame with a Pin bar,
Trade going with the trend,
Risk: 0,5%
Reward: Between 13% & 28% (Depending-on when the price hit the Target-line)
R/R ratio: Between 26 & 56 (Huge!)
Trade management on Daily time frame
USDCAD is developing strong bullish conditions.
Not only that this Wolfe Waves (WW) pattern if fueling this upward move, but also
* the round low which keep the price over the channel median --> //!\\ The channel is buggy displayed; see the right one here:
* the last 3 days hammer where buyers were present.
* a possible inverted complexe head and shoulders ...
I have been watching the Wolfe-Wave Pattern recently (thanks to 4xForecaster www.tradingview.com). It Looks like we have a nice setup on Palladium for a correction (or a reversal ?) by -7.5%.
* Entry short in the "sweet spot zone" circled in red, named like this because it's under the top of the channel (green) and over the top of the wedge (blue).
* Stop loss...
Wolfe waves are known for their accuracy in terms of timing and estimated price, (IF and WHEN they are correct). That said, GBPJPY daily charts seems to have a qualified wolfe wave. The EPA/ETA is 171.9, around 23rd July.
If you look to the weekly, the most recent candles was an inside bar and last week made a lower low and a lower high after the inside bar,...
