FX:GBPJPY   British Pound / Japanese Yen
216 9 1
Today is the BOE rate decision which is co inciting nicely with the end of a wave 5 move. I presume that the decision will trigger a retracement due to the rate being cut.

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dragging a bit, we can see that the A wave is complete and a break of the support trend will confirm the B wave completion. I have taken a short this morning expectant of the C wave to get underway down to around the 136.00 mark.
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Looking like a B wave end. Go short on the wave C when it breaks the B wave support.
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Now we are looking at the end of the extended wave 5. Drawing a Support trend from the extreme of wave 4 will give you your entry. for more confirmation and a safer trade wait for the 140.00 break short.
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Now for the ABC short as predicted.
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gosuden21 TomBurgoine
So for now it will go for the ABC wave? Since im new what is short and long meaning? still a lot for me to learn
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gosuden21 TomBurgoine
So it will go for the ABC wave? For a newbie question what is short and long mean? Is it short term and long term?
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TomBurgoine TomBurgoine
this didn't happen due to extended wave 5
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Looking to the 15 min chart I am starting to see a reversal. Confirmation for me will be a break of the support trend in conjunction with me MacD hourly crossover.
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veritasfx TomBurgoine
staying the same :)
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May not rise but what will it go if the rate remain the same? It always goes the opposite direction? :)
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