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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