Top trade idea for December 17th, 2015 – GBPJPY
By Mircea Vasiu on Dec 17, 2015 01:09:35 GMT
Looking at a potential gbpjpy impulsive move to the upside that needs to return to the end of the third wave green and this means a move to 175.
Now that the Fed is behind us and hiked the rates we remain with the technical picture but still this is a daily chart and it means it will take its time. The move lower should come with a JPY strength rather than with GBP weakness and this means other pairs like USDJPY may suffer in the meantime as well.
The thing is that on the medium/long term I am looking for a possible X wave in magenta and we know that the X wave is always a corrective wave. However, we do not know if it is a simple or a complex one, but this is something we’re going to find out when price is returning to the end of the third wave green.
All in all, staying short for the 175 level while having a stop loss at 185 should do the trick for this market.
Therefore, staying short with 1.3200 take profit and 1.3700 stop loss should be the right thing to do.
About Mircea Vasiu
Mircea Vasiu has an MBA in International Business from an American University, graduating Magna Cum Laudae. He has been a professional trader for the last 8 years and is involved in various educational projects for different financial companies. He also runs a trading signal for the currency markets at www.capitalpropertiesfx.com.
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