In 2 hours the 4h candle should close forming a bullish engulfing candlestick, this is typical price action observed following a bearish trend which we have seen, expecting price to push upwards towards the EPA.
First TP is 115 pips
Nice Risk to Reward on this trade
After the 4h close I'll be placing a buy stop if the highlighted entry price hasn't been breached
This is an aggressive entry into a swing long for USDJPY, a more conservative entry would wait on the close of Monday / Tuesday's Candle above the extended trendline formed by waves 1 & 3.
The risk to reward on this trade is very good. Let's see what happens.
I've shorted Gold from the top, looking to target the 23.6% fib where I'll take 50% of my profits.
From this point, I'll observe to see if there's any signs of bullish reversals, if there is I'll hedge my short position with a long position of equal size and set my SL on my short position to breakeven.
I'm anticipating the formation of a Wolfe wave after the...