of course trend is long, but in the mean time: It must be drop. , just later on... pls wait.
Dragon Riders GBP/JPY
- #28,304
- Mar 13, 2018 6:03am Mar 13, 2018 6:03am
- Joined Jun 2013 | Status: enjoying life | 23,842 Posts
- #28,307
- Edited 9:53pm Mar 13, 2018 9:12pm | Edited 9:53pm
heck, i even found this bearish crab pattern with my own naked eye (& curiosity)
by the way, i enter selling at 149.10 tuesday at London closing time
but today price has found buyer right after Tokyo open
i've just been lucky to pocket some profit in 148.80
now awaiting for stronger rejection candles above Tokyo open level
might even retest yesterday's high at 149.37 before resuming downtrend
we have also a confluence supply zone (38.2% downtrend retracement from Feb to March at 149.40)
150.00 is the monthly pivot for GBPJPY, as long below 150, we should expect this pair to fall
---------------------------------------------------------------------------------------------------------------------------------------------------------------------------
update: i re-enter short at 149.00, with SL at 149.40 and continue to remain my short bias based on the completion of crab pattern (fully matching all fibo measurement criteria)
TP 1: 148.17 (B swing point)
TP 2: 147.42 (A swing point)
http://forextraininggroup.com/trade-...-crab-pattern/
by the way, i enter selling at 149.10 tuesday at London closing time
but today price has found buyer right after Tokyo open
i've just been lucky to pocket some profit in 148.80
now awaiting for stronger rejection candles above Tokyo open level
might even retest yesterday's high at 149.37 before resuming downtrend
we have also a confluence supply zone (38.2% downtrend retracement from Feb to March at 149.40)
150.00 is the monthly pivot for GBPJPY, as long below 150, we should expect this pair to fall
---------------------------------------------------------------------------------------------------------------------------------------------------------------------------
update: i re-enter short at 149.00, with SL at 149.40 and continue to remain my short bias based on the completion of crab pattern (fully matching all fibo measurement criteria)
TP 1: 148.17 (B swing point)
TP 2: 147.42 (A swing point)
http://forextraininggroup.com/trade-...-crab-pattern/
- #28,308
- Edited 10:52pm Mar 13, 2018 10:37pm | Edited 10:52pm
update again
there's another harmonic pattern i found after seeing the H4 TF, which is the Bearish Butterfly
gosh the forex world is really complicated and interesting ...
2 harmonic patterns in one chart (can be seen through H1 TF and H4 TF)
but i tend to think that this Bearish Butterfly should negates the Bearish Crab pattern i mentioned in the post above, because LARGER WAVE always overwrites the SMALLER WAVE
which is why u can try your luck selling now (in my previous post) at 149.00, with SL at 149.40 and try target maybe 61.8% of the Crab CD leg at 148.40 (or maybe not hit)
but eventually i think...
the Bearish Butterfly after matching all criteria accurately
should see price reach 261.8% of BC leg at 149.76, together with confluence of the Monthly Pivot at 150 level, GBPJPY should see a sharp fall
see photo below:
bearish butterfly rule details extract from:
http://forextraininggroup.com/tradin...ern-structure/
XA: This is the initial move that forms that pattern. No specific rules are required for this move.
AB: The B point is the most critical level for the Butterfly pattern and it should retrace 78.6% of XA leg.
BC: The BC move should take either the 38.2% or 88.6% retracement of the AB move.
CD: If BC is 38.2% of AB, then CD is likely to reach the 161.8% extension of BC.
On the other hand, if BC is 88.6% of AB, then CD is likely to reach the 261.8% extension of BC.
AD: Then, the general AD move that consists of AB, BC, and CD should be either 127.0% or 161.8% of XA. (THIS CRITERIA is not matched, if CD will to go 261.8% then it will definitely move above 161.8% of XA)
there's another harmonic pattern i found after seeing the H4 TF, which is the Bearish Butterfly
gosh the forex world is really complicated and interesting ...
2 harmonic patterns in one chart (can be seen through H1 TF and H4 TF)
but i tend to think that this Bearish Butterfly should negates the Bearish Crab pattern i mentioned in the post above, because LARGER WAVE always overwrites the SMALLER WAVE
which is why u can try your luck selling now (in my previous post) at 149.00, with SL at 149.40 and try target maybe 61.8% of the Crab CD leg at 148.40 (or maybe not hit)
but eventually i think...
the Bearish Butterfly after matching all criteria accurately
should see price reach 261.8% of BC leg at 149.76, together with confluence of the Monthly Pivot at 150 level, GBPJPY should see a sharp fall
see photo below:
bearish butterfly rule details extract from:
http://forextraininggroup.com/tradin...ern-structure/
XA: This is the initial move that forms that pattern. No specific rules are required for this move.
AB: The B point is the most critical level for the Butterfly pattern and it should retrace 78.6% of XA leg.
BC: The BC move should take either the 38.2% or 88.6% retracement of the AB move.
CD: If BC is 38.2% of AB, then CD is likely to reach the 161.8% extension of BC.
On the other hand, if BC is 88.6% of AB, then CD is likely to reach the 261.8% extension of BC.
AD: Then, the general AD move that consists of AB, BC, and CD should be either 127.0% or 161.8% of XA. (THIS CRITERIA is not matched, if CD will to go 261.8% then it will definitely move above 161.8% of XA)
- #28,309
- Mar 14, 2018 3:42am Mar 14, 2018 3:42am
- Joined Mar 2007 | Status: Trader | 8,618 Posts
After 8 bullish days we return to test two important levels which were broken about 2 weeks ago. 
Gone to a better place
. . Play safe. .Hold my short.. Ahhaha