GBPUSD GBPJPY Harmonic patterns and confluence of indicators

I'm starting this thread for traders that use harmonic patterns with confluence of other indicators used in day trading and position trading. Feel free to post your opinions and analysis with charts to back up your thesis and so everyone can see what you are talking about.

My current analysis is as follows :

Short term GBPUSD and GBPJPY are heading north for a few days until we reach 210.40 on gbpjpy and 203.88 on gbpusd, if we break the resistance at those levels we are going further, the FOMC decision this week will determine that.
Additionally last week we had a reading of 0 on the COT charts indicating extreme bearish and trend reversal. There was a gartley pattern on the gbpjpy and a butterfly on the gbpusd that bounced off the falling wedge triangle at 196.76 which is the 127 extension of AB same for GBPJPY bounce of the 127 extension, see charts below. There was also a corrective 3 count correction wave down. We should see a 5 wave up again. The drop from the recent high on gbpusd was a perfect ab=cd. The GBPUSD is also very symmetrical. We are also turned up on the slow stochs, Macd's and CCI just a matter of time until they are all positive. There are also positive engulfing candles on the 240 for both. Additionally , I think there will be further weakness of the euro (stronger correction before the bullish trend resumes) .. there are starting to feel the effects of the US turmoil that started 6 months ago, so I expect the eurgbp to fall more which in turn will boost the pound. The EURGBP was at an extreme ascending wedge that had a blow out.. indicating a reversal or at least a correction with consolidation.

We are also above the current daily pivots, so I expect a drop down to the pivots before we start heading up again.

oops... correction ....the engulfing candles are on the 240 for the gbpusd and 60 for gbpjpy

oops spotted another correction.. the gbpjpy hit between the 2.127 and 2.618 extension of AB on the bounce up....

arent there wayy too many lines on ur chart??

not to me.. the majority of them are pivots (daily , weekly and monthly) the green horizontal are fibs of AB and the other ones following the wave are different moving averages, but that's what I use, you can come to same conclusions using your own charts without all the lines

but with so many lines, isnt the price bound to hit some line one time or the other??

Its not going to be a straight shot up... it will zig zag along the way and stall a bit at certain fib numbers....with a couple of minor retracements. My current positions: GBPUSD GBPJPY Entry 1.9690 203.50 Current stop loss 1.9800 206.00 Target 2.0388 210.40 I will be moving the stop loss up with every big move up as it gets closer to the targets.

if u r comfortable with it and make money out of it, then thats fine with me..:-))..

Just a note.... We also have a current triangle that has formed on the gbpusd.. the lower trendline is from 1.9600 and 1.9675 the upper trendline is from1.9997 and 1.9890 giving us a a 400 pip triangle roughly.. if it breaks out bullish from 1.9850 it will reach roughly the 2.0250 area which corresponds to the 127.8 extension of AB and a weekly pivot r2

correction... the 100% fib ext of AB .. 1st target

readjusted stop to 1.9750.. too close to daily pivot....looks like a bounce off the pivot

The point is to find confluence. Sure there are a lot of lines, but where a weekly and daily pivot hit a fibonacci retracement, there is a higher probability of a change in direction.