GBPJPY to resume its rally

Aug 19

GBPJPY seems to be stuck at support at 188.300. The preceding move seems to be a leading diagonal, likely forming a wave 1 or A in a larger time frame. That said, I am looking for another rally, either a wave 3 or wave C towards the 196.000 level.

BUY at 190.200 (market order)
SL at 188.300 (~ -200 pips)
TP at 196.000 (~ +600 pips)

Aug 20

Note

The recent reversal suggests we might see lower prices and I am considering closing this trade prematurely. I will update here accordingly.

Aug 20

Note

I am moving SL higher at 188.850 which will probably be triggered. As the momentum appears to have turned bearish.

Aug 20

Note

I am moving my SL at 188.936 (at today's low).

Aug 20

Trade closed: stop reached

~ -160 pips loss booked.