$GBPJPY Another short term trade
Notes on chart
The big short GBPJPY:
based on wave count from early descending trend we are near the completion of 4th wave of subwave “e” count..Currently the wave “e” is near completion and is forming the 5th small bull wave before continuing the downtrend. We might see the beginning of the first wave bearish of the larger 5th wave..If this happen we can surf the wave for another 2500-3500 pips of 133.30 area..
trading setup: sell stop at the bottom of the bullish Divergent bar upon reaching the upper trend line provided the trend line in not breached nor the highest of C wave is not overstepped. The higher the timeframe the more accurate and the entry so normally i would take 4H or Daily. Stoploss at the at the highest of the divergent bar or to be safe at C 0r 162.815 + spread/commisons.I normally dont provide TP because i am a wave trader i will be alerted if the changes is coming.
Trade with care and goodluck :p