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SELL 5.000M GBP/JPY @ 158.975, SL 159.500 (52 pips),TP 155.900 (308 pips)
SELL 0.420M EUR/JPY @ 133.256, SL 134.000 (74 pips),TP 130.900 (236 pips)
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SELL 5.000M GBP/JPY @ 158.788, SL 158.903 (11 pips),TP 157.750 (104 pips)
SELL 1.741M EUR/JPY @ 132.792, SL 133.000 (21 pips),TP 131.700 (109 pips)
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London Breakout Strategy Using Visual Jforex (part 1)
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USDJPY it is just at the beginning of a major bull market, but like every market there must be some corrections along the way. Nothing goes straight up or straight down without having some corrections. Figure 1 is showing us that based on Elliot Wave theory we have completed the 5 wave cycle and we are at the inception of a more deep correction before to resume the bullish trend. The market is overbought at this level with so many buyers we just have to squeeze the weak hands before to continue upwards.From around 79.00 major bottom the market has been moving smoothly within an upward channel until recently when we have broken out from the channel which happens just after we have put in place the V wave from Elliot wave cycles. This is another confirmation that the Elliot wave count is correct and we must retrace and squeeze the weak hands before to resume the bullish trend. Based on Elliot wave we should see an ABC wave type formation.On the weekly time frame we should see why the 94.00 level is so important and why the imminent retracement should stop there. In 2010 it was a major resistance level and once we broke above it, the old resistance it become the new support.(see fig.2). That's the reason why I'm expecting price to resume the bullish trend once we get near the 94.00 level.…
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