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Saxo TV / 3 hours ago

Coleman: Giving thanks for an upswing in GBPJPY

Ian Coleman - First 4 Trading
Thanksgiving makes the hunt for opportunities a little bit more elusive especially as liquidity tends to dry up but despite a medium-term bearish trend in GBPJPY, Ian Coleman has spotted signs of a possible upswing. 

"We hit a channel top at 188.80 and formed a Doji on the weekly chart. However, we are oversold, posted a DeMark correction count and we look for a larger swing to the upside in a 3 wave corrective pattern, Elliott Wave" says Ian.  

The USD has been mixed for 12 days. Possibly forming a bearish Head and Shoulders pattern or Ending Wedge.
Buy a dip at 185.06 or a break of 185.66 (50 pip stop)
Targets: 186.00 and 187.70 (possible right shoulder)
Expect trading to be mixed and volatile

Ian Coleman - First 4 Trading Ian Coleman - First 4 Trading
triggered at 185.06
Anton Bushin Anton Bushin
Ian, what is the sl for this trade?
Ian Coleman - First 4 Trading Ian Coleman - First 4 Trading
50 tics from entry


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