After watching Jamie's video just now I've decided to take a EUR/JPY short position. To the left is an hourly chart of the pair. The risk to reward ratio on this trade is very good, as a stop can be placed at the wave 1 low at 123.22 about 50 pips away from the current price level. The Elliott Channel also corresponds well with the Fibonacci ratios of waves 1 and 5, so my target will be just below 120, at around the same level as the 161.8% Fib of wave 1.
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