GBPJPY LONG 2000 PIP LONG

Hello traders,

Today we are looking at GBPJPY .

We can see we are at the end of wave 4 of our Elliot wave which is a corrective wave. We are now looking to catch wave 5 which will be a impulsive wave where we are expecting strong bullishness movement to our take profit / SELL zone.

We will be looking to enter at our -0.618 fibonacci level from the A wave which is where I am anticipating a rejection. We also can see a trendline approach and structure level touch.

Confluences

• -0.618 fibonacci from wave A is where we are expecting wave C to end / start our wave 5
  
• Trendline approach
  
• Structure level touch
  

Stop Loss
We will be placing out stop loss below our trendline. Stop loss will be moved to break even once we see 30 pips profit.

Profit Taking
We will be taking profit multiple times along the way ( 30 pips, 60 pips, 100 pips, 200 pips, 500 pips, 750 pips, 1000 pips

Our final take profit location is ideally the 175 level.

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