GBPJPY Short for 200 pips
Updated
2 daily bear candles
We're in the final wave down to complete wave 5 of c of wave B of wave 2
Noticed a triangle pattern which is found usually as a wave 4 so this would confirm the view that we're heading lower at least short term
Will look to sell short between 145.30-145.70
Take profit should be around 142.20-143 level
Stop should be just above wave c (145.90 level), end of the triangle where count is invalidated
We're in the final wave down to complete wave 5 of c of wave B of wave 2
Noticed a triangle pattern which is found usually as a wave 4 so this would confirm the view that we're heading lower at least short term
Will look to sell short between 145.30-145.70
Take profit should be around 142.20-143 level
Stop should be just above wave c (145.90 level), end of the triangle where count is invalidated
Note
Here's a lower time frame shot - wave E could already be completed and we go down from hereTrade active
Order triggered at 145.40 and saw an immediate drop of 130 pips. Unfortunately has retraced a lot but it could just be a retest of the broken triangle trendline. Good place to add a short if we get a solid 15 minute bear candleTrade closed manually
This played out perfectly. Unfortunately for me I saw a 60 pip jump at 144 and got out when it retraced back to 144, just before it spiked down into my Target area. Lesson for next time Is to just let the trade play out
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