540 Pips and trade completed!

FX:GBPJPY   British Pound / Japanese Yen
224 5 4
Hello traders,
I am again happy to announce that the short trade we had embarked upon when the pair had broken out of the wedge pattern to the bottom has achieved its wedge target and as well as the target of the harmonic ABCD pattern which we had used as a confidence builder for our short position to reach its logical end.
in the current session after the pair broke both the targets, it is trading just below the targets. There are two possibilities here. Either after some consolidation it can continue further down to the 38.2 % Fib support or it could show some pull back from here.
But, we do not have any reference to enter into any trade currently.
I would advice that we take our 540 pips here and wait for the pair to show further action to give us a contextual entry again.
Happy trading and happy pippin!
You can probably sell any pullback for the time being but I'd watch this, might resume the uptrend soon.
Solid trade ;)
+1 Reply
Prabhu.Ram IvanLabrie
It was a solid move indeed! I would probably wait for some consolidation before I sell again. Hopefully the consolidation happens around 183.00. would give a good short entry and a great risk ratio.
+2 Reply
IvanLabrie Prabhu.Ram
indeed...I'm waiting for that too. Was a heck of a move.
From low volatility to high volatility, and back...that's the rule. :)
Nice trading, have a good week!
Prabhu.Ram IvanLabrie
Thanks! you too!
Nice one !
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