I'm setting up a long trade on GBPJPY based on a 15-minute chart using Elliott Wave analysis. The chart indicates that wave (4) of the impulsive sequence has just completed, and I'm anticipating the next move upwards to wave (5). My entry point is at the current price of 198.772.
I'm targeting the following levels for the completion of wave (5):
1. First target: 199.579, corresponding to the 0.618 Fibonacci extension.
2. Second target: 200.116, at the 1 Fibonacci extension.
3. Final target: 200.986, which is the 1.618 Fibonacci extension.
I'll place my stop loss slightly below the recent low of wave (4) around 198.254 to manage risk. I'll adjust my stop loss to secure profits as the price approaches each target level. This setup aims to profit from the expected upward movement completing the Elliott Wave sequence.
I'm targeting the following levels for the completion of wave (5):
1. First target: 199.579, corresponding to the 0.618 Fibonacci extension.
2. Second target: 200.116, at the 1 Fibonacci extension.
3. Final target: 200.986, which is the 1.618 Fibonacci extension.
I'll place my stop loss slightly below the recent low of wave (4) around 198.254 to manage risk. I'll adjust my stop loss to secure profits as the price approaches each target level. This setup aims to profit from the expected upward movement completing the Elliott Wave sequence.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.