Trading Signal | GBPJPY | Swing | Elliott Wave (Mar ’20)

Trading Signal | GBPJPY Buy Orders | Intraday | Elliott Wave

Market: Forex Crosses
Symbol: GBP/JPY
Signal Category: Swing
Direction: Bullish
Order Type: Market / Limit

(Entry / Stop Loss / Take Profit)

The following trading signal on the GBPJPY forex pair has been posted in the “Trading Signals” section.

Trading Signal | GBPJPY | Summary

GBPJPY has been tumbling down, with selling pressure amplifying.
Intermediate (C) (red) smashed the Pound/Yen.

I anticipated this massive bearish impulse, letting traders know of my intentions.

A wedge-like shape has been laid-out, which in Elliott Wave terms means only one thing: Ending Diagonal.
The Ending Diagonal is unfolding within a Minor 5 (red), in what appears to be an extensive swing, the overshoot.
After a Diagonal, a sudden move is expected, and that’s what this set-up is all about.

To be noted that this set-up involves a higher risk than usual, due to the fact that it can “morph” into a crashing impulse.
However, a move on the up-side would be expected, even in a corrective manner.
Stops at break-even would be a “trade-saver”.

Trading Signal | GBPJPY | Swing BUY Orders

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GBP/JPY – 2H Chart (picture)

Trading Signal | GBP/JPY | BUY Orders

Aggressive Entry @ Market price (approx. 124.85) with SL @ 120.10
Moderate Entry @ 121.95 with SL @ 118.10
Conservative Entry @ 118.95 with SL @ 115.00
TP @ 131.00 / 135.00 / 138.00 / 139.00 / 140.50

Safety measure: when in the green, moving SL to break-even.

GBP/JPY – 2H Interactive Chart

Ahoy my fellow trader,
Thank you for your interest in this article and the overall information I am proving.
Should you need any support or have any questions regarding the presented Wave Counts, please let me know.
I am most active and available via Telegram and Skype, feel free to shoot me a message.
As always,
Many pips ahead!
Richard

Fair warning and risk notice:
Trading CFDs or Foreign Exchange is risky and you should only invest what you can afford to lose, in a calculated manner.
All material presented by LEWA is not to be treated as investment advice and the analysis represents general market research.
Before you decide to take action, please be aware of the risks involved.
Trading is not for everyone and it should be treated with responsibility.
Besides a good strategy for a decent win over loss ratio, risk management is another key factor.

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