*GBPJPY*
Looking at this Pair from a larger time frame, we notice we are still in a correction of wave C of the larger downtrend. Now. The Market just finished forming wave 2 of 3 of C because it has broken the structure of previous wave 4. This is going to be a very long buy to the 200 point area since wave 3s are known to be the longest waves. Because of their extension.
Looking at where price is at now, we have a 5 waves up, giving us a wave 1 of 3 of 3 of C. the market is still stalling. We already have a wave A and wave B seems to be forming. This sounds to be a flat correction. But the Bias is to be long on this pair.
I am waiting for proper confirmation before I can commit money to this market.
*Trading with Samuel*
Looking at this Pair from a larger time frame, we notice we are still in a correction of wave C of the larger downtrend. Now. The Market just finished forming wave 2 of 3 of C because it has broken the structure of previous wave 4. This is going to be a very long buy to the 200 point area since wave 3s are known to be the longest waves. Because of their extension.
Looking at where price is at now, we have a 5 waves up, giving us a wave 1 of 3 of 3 of C. the market is still stalling. We already have a wave A and wave B seems to be forming. This sounds to be a flat correction. But the Bias is to be long on this pair.
I am waiting for proper confirmation before I can commit money to this market.
*Trading with Samuel*