Trade ideas for GBPJPY by Hardi
Price right now on horizontal resistance level. There is also EMA-50 on this resistance level so we could say this is an area of confluence.
Yesterday we see an aggresive meltdown on GBPJPY, which i assume as the wave-iii.
Right now, I am assuming we're at wave-iv because it is retracing the recent meltdown. We will use wave-i as our protective stop loss based on Elliot Wave Theory
Sell GBPJPY 153.70
Stop loss 154.20
Take profit 150.70 (6R)
Use only 1-2% risk
Good luck
Price right now on horizontal resistance level. There is also EMA-50 on this resistance level so we could say this is an area of confluence.
Yesterday we see an aggresive meltdown on GBPJPY, which i assume as the wave-iii.
Right now, I am assuming we're at wave-iv because it is retracing the recent meltdown. We will use wave-i as our protective stop loss based on Elliot Wave Theory
Sell GBPJPY 153.70
Stop loss 154.20
Take profit 150.70 (6R)
Use only 1-2% risk
Good luck