This trade that is potentially setting up on the GBP/JPY
is a perfect example of why i love counter trend trading. You have 3 harmonic
moves that will all complete at Previous Daily structure, and will complete at 1.618 fib ext. of each of the moves. You have the big 1:1 moves in blue, intermediate in purple and the smallest of them is in red. If price action makes it up to this zone, (and there is no current reason to think that it won't) this could present an awesome opportunity with a phenomenal risk to reward ratio. Even if you play it conservative you can get 1.5 to 1. The example that i have shown is more than 2:1 for the first target. So if this falls under your rules in your trade plan, this is something to keep an eye on.