I'm going short on GBPJPY based on the 15-minute chart. The Elliott Wave pattern indicates the completion of wave (b) and the onset of wave (c) correction. My target for wave (c) is the 1.618 Fibonacci extension level at 201.413.
The chart shows a clear corrective wave pattern suggesting downward momentum. Entering at the current price level of 202.316, I expect a decline to the indicated Fibonacci level. The stop-loss is set just above the recent high of wave (b) to manage risk effectively. This setup provides a favorable risk-reward ratio for a short position.
The chart shows a clear corrective wave pattern suggesting downward momentum. Entering at the current price level of 202.316, I expect a decline to the indicated Fibonacci level. The stop-loss is set just above the recent high of wave (b) to manage risk effectively. This setup provides a favorable risk-reward ratio for a short position.
Trade closed manually
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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.