#FOLLOW4FOLLOW
Looking at CJPY, it appears to have formed an ordinary bearish channel satisfying and validating both trendlines
with three touches each. This then encouraged a 5 wave motive move made up of three spikes and 2 exhaustion moves.
I am looking to trade the completion leg of this pattern upon the validation of wave 3 - 4.
Targets:
@ 108.800
@ 107.600
Looking at CJPY, it appears to have formed an ordinary bearish channel satisfying and validating both trendlines
with three touches each. This then encouraged a 5 wave motive move made up of three spikes and 2 exhaustion moves.
I am looking to trade the completion leg of this pattern upon the validation of wave 3 - 4.
Targets:
@ 108.800
@ 107.600
Trade active:
Trade is active
Order cancelled:
Trade hit my SL. This invalidates the 5 motive move as price has moved above the 38.2% fib retracement