GBPJPY is currently in a strong downtrend and has hit my 3rd trendline today with a reversal railway candles . This is a high risk trade but a very high reward :)
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Currently 100pips up :)
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moving stop loss to break even
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possible retrace but we will see on lower timeframes
After today's price action note market did not go right down to the mid line of W this means bullish strength is there still and applying Elliot wave theory to weekly seems to me Market will turn to break previous high 140000 - something is cooking and it smells GOOD LOL! I had switched sides at approx 4PM UK time @ BUY @ 13720
My observation on 4hrs is my rule of 3 touches on the upper down trend gives us the sign of something gonna happen.. today was the 3rd touch... and boy its hanging on that left shoulder like a bad smell...
ConnorSully
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@Dips007, definitely agreed, very slow market today but we go again tomorrow