I’ve bought back my 1.6255 sales from yesterday at 1.6185 and will continue to play a broad 1.6160/1.6270 trading range whilst building a core short position.
Dear Sean, don’t you think that a pennant is forming on GBP/JPY (4H) chart?
Hi Jordan, is this the formation https://www.tradingview.com/x/rkABxjzC/ ? I like my formations to be perfect and the size of the ‘pennant’ relative to the ‘flag’ is to big imho. The flagpole in this case 12435/12880 is nice and vertical so thats a good start but the retracement has already done total over 62% and that’s way too much in my opinion.
Hi Sean, yes – this is what I was talking about. It’s hard to find a perfect formation on fx market 🙂 I expect to see one more leg up (+100 pips) on european pairs (against USD) according to my wave counts. If we also see a weaker JPY that might help us to see GBP/JPY higher.
Agree Jordan, at current levels I think EUR/JPY, GBP/JPY more likely to go up 100 pips than down. I don’t think much will happen during Asia but depending on the set-up there might be some good opportunities during early Europe for a quick trade
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