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Guest Commentary: MarketVisionTV - Making the Most of a Great Trade: GBPJPY

Guest Commentary: MarketVisionTV - Making the Most of a Great Trade: GBPJPY

Ed Matts -,

* Sterling Yen is so clear.. we need to leverage!

* 130 is the first leg down allowing a better opportunity

* Looking to sell when the market is looking to buy

* For the same targets whether you are bullish or bearish medium term

Guest_Commentary_MarketVisionTV_Making_the_Most_of_a_Great_Trade_GBPJPY_body_gbpjpyh.png, Guest Commentary: MarketVisionTV - Making the Most of a Great Trade: GBPJPY

Sterling Yen ended a five wave rally from 126.60 at 133.45 spiking the 5=1 target and therefore a five waverally from 117.30 a possible B wave low. So clear so obvious such a pat on the back for selling. But I want to focus on some nuances that will help get us more out of this clarity. In other words where can we leverage on shorts.

First its reversed to 130 round number.. previous high and 50% of the rally in a likely 5 wave A. In fact the rebound to 131.55 is also a 5 wave rally and also A.. Look at history.. Sterling Yen loves 100% B waves.. so there's a good chance today it will retest 130 but while it holds 129.60 the last s/t high but also 23.6% of the entire rally it should produce a fake out C wave rally to where? Where the market will get bullish again.. a break of 131.55 and the secondary 131.70 high and 50% to an ideal 132.15 61.8% and likely retrace to the broken bear flag. This is where we will resell for at least 127.30-126.60 the 38.% and previous low but also a possible head and shoulders that will work because its in the right place and because anyone who trades the euro will distrust it.. Our stops? we have to allow for yes 100% B wave by keeping some of our stops above 133.45 the rest above 134.25 the triple 1.618 confluence.

Further videos or commentaries are available form or @EdMatts on Twitter. AYLw520A

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.