Potential 5th Wave Short on GBPJPY on the Daily Time Frame, so longer term short going through our Entry depicted on Chart. Due to our Elliott Wave Oscillator breaking the 140% on the Wave 4 Pull Back we have opted for a more conservative entry outside of the Trend channel formed on the 4th Wave. Stop Loss is usually placed just above wave 4 but by looking left we can see major resistance slightly higher, so again have been more conservative with Stop Loss placement.
That all said and with the conservative Entry and Stop, we still have a great 1:2 Risk to Reward to our Automated 5th Wave Target Zone at 124.
Two ways to trade this really. Use this Elliott Wave analysis on the larger time and if the price move below our entry look for Shorts on Smaller time frames during the 5th wave move on the Daily. Or indeed go for the longer term play, Short this currency pair for the next 20 Days or so on the 5th Wave Move down, once it goes through entry price. Obviously if the Stop is broken for the order, then we cancel order.
Our Elliott Wave Indicator is now available on TradingView >>>HERE<<
That all said and with the conservative Entry and Stop, we still have a great 1:2 Risk to Reward to our Automated 5th Wave Target Zone at 124.
Two ways to trade this really. Use this Elliott Wave analysis on the larger time and if the price move below our entry look for Shorts on Smaller time frames during the 5th wave move on the Daily. Or indeed go for the longer term play, Short this currency pair for the next 20 Days or so on the 5th Wave Move down, once it goes through entry price. Obviously if the Stop is broken for the order, then we cancel order.
Our Elliott Wave Indicator is now available on TradingView >>>HERE<<
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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.
Learn more and Subscribe here! globaltradingsoftware.com/product-category/tradingview-platform/
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.