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.
Looking like a B wave end. Go short on the wave C when it breaks the B wave support.
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.
Now for the ABC short as predicted.
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
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?
TomBurgoine TomBurgoine
this didn't happen due to extended wave 5
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.
veritasfx TomBurgoine
staying the same :)
May not rise but what will it go if the rate remain the same? It always goes the opposite direction? :)
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