Beautiful Fibonacci Setup on GBPJPY
Updated
Hey traders,
as you can see GBPJPY price action is following a fibonacci pattern so harmonically, as well as an Elliott Wave pattern. We've seen Wave 1 and Wave 2 completed. Now I expect trendline breakout and long continuation to the 161,8% extension level as a proper Wave 3 should behave like.
Extra factors to keep in mind that empower my argument:
- S/R Levels line up with extension levels
- Golden Zone has proved its power recently, so we can rely on it as a SL or TP (in the future)
Happy Trading! :)
as you can see GBPJPY price action is following a fibonacci pattern so harmonically, as well as an Elliott Wave pattern. We've seen Wave 1 and Wave 2 completed. Now I expect trendline breakout and long continuation to the 161,8% extension level as a proper Wave 3 should behave like.
Extra factors to keep in mind that empower my argument:
- S/R Levels line up with extension levels
- Golden Zone has proved its power recently, so we can rely on it as a SL or TP (in the future)
Happy Trading! :)
Trade active
Going long after price retested and bounced the 0% ext level. SL should be tight enough because the extension is invalid below the 132.600 level!Good luck!
Note
Idea still valid since Wave 2 hasn't gone below Wave 1. All we needed to see in order to be more sure about the long trend was a reversal pattern which is saw recently. The 0% Extension level has the role of the neckline in a double bottom pattern, so long continuation is probably expected to start after the breakout of the 0% level. Don't have bearish mindset, everything is going in plan still.
Note
Price hit the 61.8% and rebounced below the 38.2% level, from which I expect breakout of the previous high and continuation up to 161.8%, so stay alerted. Every move predicted, so we've read it well, and it's the chance to milk it.Note
LONG LONG LONG LONG ;-)Trade closed: target reached
So clear where we go. Long will close after hitting thr 161.8%Thanks! :)
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