GBPJPY on it's downward path to complete the 5th wave

15 Jul 2016

This is a larger time frame view of what we can expect from the GBPJPY. Ultimate target is 106.573. However, I'm looking for a retracement into the 154.655 level to get in short. I will play both long and short positions along the way, but this is just a guidance of where we're ultimately looking to go.

15 Jul 2016

Nota

Looking for a corrective structure in the rectangle box area to send this lower. This is a high quality reversal pattern, so once we get to the target C point, I'm on the lookout for a pin indicating clear rejection. My entry would be the open of the next candle with a stop near or at the lowest low.