A heads up for the flows this week in GBPJPY, we are trading a very advanced call outguessing the Supreme Court decision meaning headline and event risk remain on high alerts.
PM Johnson is 6 weeks away from the finishing line for a no-deal, Pound will continue to bounce between the wide range which makes things a lot easier from a technical perspective. Here it is time to work the offer as we enter back into resistance, early shorts have been squeezed and we are back in overbought territory, simply it remains a good time to be a seller here.
For the map: Highs 135.0x => Mid 130.7x => Lows 126.6x
Best of luck all those trading GBPJPY and other Sterling crosses for the Supreme Court flows.
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First targets hit !!!!
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Retrace leg in play [we are here]
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Retrace leg [complete]
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Retrace leg complete - Wave 3 begins with the close.
"EU's Tusk has stated that UK PM Johnson has promised the EU he will come forward with a solution to work for all; unfortunately this has not happened - if no proposals by today will announce no more chance for a deal at the summit"
ridethepig
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Agree @jrichens ... lots of talking but not much walking
UnknownUnicorn3954476
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@ridethepig, I've moved from spread bet to options, way too volatile to swing trade properly
RamirezFX
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Do not know what to make of this pair right now, unhealthy price action big time
ridethepig
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Why @RamirezFX? We retraced all the way back to the loading zone ready for the impulsive leg.
ridealong
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Hey @ridethepig does it go back to the loading zone or does the retrace leg ends here or will it shoot more...just to understand where to place the stop loss, around 100 pips as a stop loss??
ridethepig
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Late reply here @ridealong ...Eyes on the loading zone with invalidation above the same 136.0x