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FullTimeTrader
Dec 9, 2015 5:44 PM

GBPJPY- ABC STRUCTURE FORMING Short

British Pound/Japanese YenFXCM

Description

This pair is forming a series of corrective structures (abc or wxy).
It seems price now is developing one more abc structure, price is currently at wave B

Details on chart.

More reasons:

- ema 200 as resistance
- convergence - divergence setup
- round level 185.000 as resistance

Best regards.

*****************DISCLAMER********************************************************************
This is just and idea, not a recommendation to buy or sell.
Always do your own analysis and plan before opening a trade.
Any respectful and constructive ideas are welcome (agree or disagree).



Trade closed: target reached

All targets reached
Comments
imranafzal4
BLKS
ya, if it break down most probablysame thing will happen for usdjpy
imranafzal4
yep agree
BLKS
seem like break out is failed
imranafzal4
its not gonna break today its gonna break tomorrow just keep eye on day close where does it close today it is important
BLKS
ya... we can have another short at retracement to 0.618 or 0.786
imranafzal4
i dont think so it will retrace to that level any time soon because pressure is very high but let see how it will close today
BLKS
the reason i sat like that is because i expecting a gartle pattern to be form.
imranafzal4
can you post your idea please
BLKS
sure
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