Sell: CAD / JPY
Buy Limit: 127.520
SL @ 126.980
TP @ 128.700
Max Risk: 2%
(When calculating, do not forget about different spreads from Brokers)
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It is not an investment recommendation
GBPJPY 4h timeframe this is what could possibly happen my long term target is 139/141 but before we go that high into 600/700 pips profit my short term bias is down side looking bearish as hell which means 132/131 even possibly retest those 129 and 128 before we come back to the current market price at 134 and then heads back up to 137/139... EASY LETS GET IT ...!!!!!!!!!!
For the past two months, we had seen GBPJPY on a strong downtrend moving from area of 148 to 135. Currently, the momentum is slowing down with a little bit of sideways movement. I am seeing a potential descending triangle chart pattern forming. I am waiting for the breakout of this pattern. As I wait, I will initiate a short term trade on this setup. Trade Safely!
If the current bullish momentum continues, this would be a great opportunity for a long position. Price broke upwards through the falling wedge which is also confluent with the resistance zone marked in black. upon spotting a good entry that's in line with my management, i'll be looking for price to follow roughly, the previous bullish run as highlighted with the...
I can see a bigger wave 2 forming in red and a 3 wave forming in blue.
What enforces the move up it is the 61% of retracement of wave 1 in red and 161% of wave 3 in blue.
They are exactly in the same price zone .
Let's see now
The short is working out pretty well so far, due to the current weakness in GBP and the strength of JPY. I expect the price to go much lower to reach the 141 level. However, due to the brexit polls and news, expect this pair to be very volatile and manage your risk accordingly.
What we are looking at here is a potential Gartley pattern that would give the GBP a little relief rally in it's otherwise bearish trend.
We have a Fibonacci confluence of the XA 886 retracement, the AB 1.272 extension and the BC 1.414 inverted extension at approximately the same level. The pattern should complete in the PRZ zone which extends down to X which is...