Scott Barkley
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Scott Barkley in Proact Traders,

August Pay Your Mortgage Trade Setup Idea

This month's ProAct Traders “Pay Your Mortgage Trade” idea is found in the GBPJPY pair. I chose it for these two reasons:  Brexit (weaker pound) and the BOE rate cut also weaker pound.

 

Elkana is on holiday with his new bride so he is not collaborating on this.

 

GBPJPY is in a nice downtrend and the next support area is at the 129.88 area.  I would watch for a 4th wave (bounce here) and then at the 0.500 Fibo of that bounce look for a 5th wave down.

 

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