FX:GBPJPY   British Pound/Japanese Yen
185 2 4
both scenarios have profitable trade setups.
wait to see which one is going to play..
I'm in long from about 156.740 ( check related ideas), as soon as I find out that its going for triangle, I'll take profit and look for short setup , and if I was wrong and it breaks to upside, I will wait for correction for another long setup.
Comment: this possibility exists for the pattern to be a double combination corrective pattern ending with triangle. I'm waiting to see which structure is it going to form, because now there are some possible moves to both directions and entering a trade is risky at this point.
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Comment: I'm watching this pair very closely. It seems that triple zigzag corrective structure is about to end, if its true and we figure out that its triple ZZ we will have a nice sell trade. but for long setup, i have no idea as yet and after a break out to upside and correction i will decide to buy or not.
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Comment: it seems that this double zigzag correction has been ended and there will be a wave to downside
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Hello,
Remember that all waves inside a triangle are corrective, and wave A (in the first chart) or B (in the second chart) is impulsive because it has 5 waves in it.
I think it's unlikely to be a triangle.
:):)
Reply
Hi..; yes you are right, i don't recognize it as an impulse, i think its WXYXZ complex correction. W is zigzag, Y is triple zigzag, Z is zigzag. hope it helps..

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