Michael Storm — Follow Michael on Twitter
Good day fellow traders, Here is a great swing trade idea that will be posted today in our new trading room. It is a short entry on the GBP/JPY based upon a daily wave correction. We currently have a lot of resistance at these levels because of trend lines, and daily support that was broken and is now being retested. Take a look at this daily chart:
You can see on this hourly chart that we are getting quite top heavy in this retracement of the last mega fall. I have placed a line where some possible stops would be, based upon your risk tolerance. Also the circles at the bottom are 2 target zones. The final target is actually off the chart, at the 135 area, which would complete wave 5. If you take this trade, scale out in thirds and lower your stops along the way. This is a SWING trade and will take some time but the targets are HUGE
You can follow these ideas and many other trade setups by getting a week trial to our trading room where we scalp, position trade and offer swing trade ideas.Thanks for reading and have a great trading week! Michael Storm, aka robinhood.
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