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GbpJpy - M pattern 30min

How to identify reliable MW patterns?

Let's have a look at GbpJpy :

We see that it formed 2 M Patterns in a row. However, the first M Pattern wasn't a good call. Indeed, Elliot wave was only on wave 3, so we could expect futher up trend continuation. It is not recommanded to trade at this level, especially on low timeframe.

The second M pattern formed in better place related to Elliot Wave. Hence, the reversal set up looks good.

Trade has been issued just above neckline... and market finaly retraced down and reached the target area. +80 pips

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