Bearish ABCD Completed on GBPJPY 1H TF

FX:GBPJPY   British Pound / Japanese Yen
Hey there, as we can see Pound is pounding Yen in last two days. Some positive data took it this high where ABCD Pattern completed at 181.39-40 area. Which is giving us indication to have a short entry.

I took two entry from this pattern though I need to make sure this pattern is being respected as it is still in the PRZ.
My entry will be shorting from 181.40-45 SL 181.95 target is around 180.

But lets not forget even if NFP effect has been ended (Usually it follows USD while NFP), market is still moving high and may take our Stop. So I hope you put your lot effectively. Also don't forget to trail your profit since we're going against the trend.
Manually exit this trade on 180.20 since it is getting hotter.
Got the first TP around 180.79 and I'm moving my SL to entry point (Break even) and let it run for the next.
+1 Reply
Triple bottom reversal + MA break out.

Good chance it will hit 182.6 (fibo) or between 184,1xx and 184,3xx (fibo cluster)

Confirmed inverted hammer
On daily, positive divergence. No sign of reversal yet.
Nice find.
But overall, I think this pair is still bullish:

4H: Bullish Wolf Wave. See yellow and aqua
+1 Reply
yes, the pair is still bullish. But harmonic is all about finding the reversal and trading against the trend (Retracement). It may not be the trend changing trade, but it may enough to take some pips from the retracement of overall trend. :)
+1 Reply
KevinT IamMuffee
Hi Iam,

Totally agree with you. As prices won't go up or doqn in a straight line.
Taking the Fibo of the last top and low (yellow arrows), the price hit the 1.618 extension exactly! :)
A retract to 179.4 is very plausible (yellow line).
Nice discussing with you.

KevinT KevinT
But need to break Fridays late day support first I think.
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