2017 Week #14 - GBPJPY Be Patient!!
According to Elliott Wave Principle, after every 5-wave structure, we can expect a deeper correction before another 5-wave structure is developed.
Looking at the current price development, the possibility of a break out of the daily structure to the upside is close to 99%. However, the more important question to ask is how are we going to capture this break out!
Instead of entering straight at the break out of the structure, we prefer to wait for the correction first and enter on the next impulse move up. This way, our risk to reward ratio will be more favourable to us.
Looking at the current price development, the possibility of a break out of the daily structure to the upside is close to 99%. However, the more important question to ask is how are we going to capture this break out!
Instead of entering straight at the break out of the structure, we prefer to wait for the correction first and enter on the next impulse move up. This way, our risk to reward ratio will be more favourable to us.
