GBPJPY, 4 Hour
Within the GBPJPY 4 hour chart I am spotting the potential development of a basic Elliott Wave 5 wave sequence. See (1), (3) and the possible (5?) impulse waves, with the corrective waves being (2) and the possible (4?).
My strategy for this trade consists of two trades broken down in two parts. Trade 1 of part 1 is to short the pair till price is within my “Go Long Zone” (see above chart) 1st target , at that point I will reverse my short trade into a long position (trade 2 of part 2) for a 2nd target within the “Target Zone “ as indicated in the above chart.
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About Janne Muta, HotForex’s Chief Market Analyst
Janne Muta is a seasoned industry professional with over 16 years experience in the global markets. Originally from Finland, Janne has worked for institutions in both Helsinki and London as an institutional fund manager, global market analyst and FX educator.
Traders and fund managers from around the world have benefited greatly from Janne’s technical analysis methods. The indicators and price action based trading models he has developed, have, after rigorous testing, proven to be invaluable in identifying high probability trades.
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