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Dragon Riders GBP/JPY

  • #29,301
  • Oct 17, 2018 12:28am Oct 17, 2018 12:28am
Quoting msniper
I have one Elliott waves book I was just checking out the book and I notice there is one chart looks almost identical to GJ chart on 4h frame !! even the gap down that happened on sunday is there hehe. so can history repeat it self ? {image} {image}
Wave 5 is the highest point so that makes a huge difference.
POSTMASTER
  • #29,302
  • Oct 17, 2018 1:23am Oct 17, 2018 1:23am
Quoting Robinhood1
{quote} Wave 5 is the highest point so that makes a huge difference.
we are in wave 5 in GJ that's why I am in a buy position
  • #29,303
  • Oct 17, 2018 1:42am Oct 17, 2018 1:42am
Quoting msniper
{quote} we are in wave 5 in GJ that's why I am in a buy position
ok
POSTMASTER
  • #29,304
  • Edited 2:29am Oct 17, 2018 2:12am | Edited 2:29am
Quoting msniper
{quote} we are in wave 5 in GJ that's why I am in a buy position
Excellent charts you posted.

I still think GbpJpy is very likely to test the 50 SMA (Red) this week, before heading north decisively. The yellow trendline on the RSI will have to break before price goes higher.

Of course, anything can happen in trading but this is the most likely scenario in my view.

Maybe the UK CPI in 2 hours will do it.
Attached Image (click to enlarge)
Click to Enlarge Name: GbpJpy - Daily.png Size: 58 KB
Observation is the path to discovery.
  • #29,305
  • Oct 17, 2018 2:38am Oct 17, 2018 2:38am
Quoting Alorente
{quote} Excellent charts you posted. I still think GbpJpy is very likely to test the 50 SMA (Red) this week, before heading north decisively. The yellow trendline on the RSI will have to break before price goes higher. Of course, anything can happen in trading but this is the most likely scenario in my view. Maybe the UK CPI in 2 hours will do it. {image}
I see your chart is that pending buy order if GJ makes new high with target 155 ? or you are already in a buy position now with SL sunday low ?
  • #29,306
  • Oct 17, 2018 2:47am Oct 17, 2018 2:47am
Quoting msniper
{quote} I see your chart is that pending buy order if GJ makes new high with target 155 ? or you are already in a buy position now with SL sunday low ?
No. The two Green dashed lines are open Sell trades. The Red dashed line is the TP for both Sell trades.
Observation is the path to discovery.
  • #29,307
  • Oct 17, 2018 3:03am Oct 17, 2018 3:03am
one possible scenario that this might be our channel for these days lets see if it will hold
Attached Image (click to enlarge)
Click to Enlarge Name: yamke.jpg Size: 134 KB
  • #29,308
  • Oct 17, 2018 3:05am Oct 17, 2018 3:05am
The Blue rectangle is the probable area of retracement before moving to new highs. This confluence area is composed of the 50 SMA, the 4th fan line, the 50% Fibonacci retracement level and the strong support at 145.

This would be a good area to Buy.
Attached Image (click to enlarge)
Click to Enlarge Name: GbpJpy - Daily.png Size: 44 KB
Observation is the path to discovery.
  • #29,309
  • Oct 17, 2018 3:12am Oct 17, 2018 3:12am
Quoting Alorente
The Blue rectangle is the probable area of retracement before moving to new highs. This confluence area is composed of the 50 SMA, the 4th fan line, the 50% Fibonacci retracement level and the strong support at 145. This would be a good area to Buy. {image}
this would invalidate my preferable Elliott wave count. I don't want wave 4 to overlap with wave 1. if it goes below 145.68 it will overlap. so the upper area of your box is ok for me but not the bottom hehehe

any way I am sticking to my plan not gonna close the buy and if it really fall down I will just buy more

It would be nice to see GJ just retest 147.4x area and then fly again and then 148.7x area would be the real challenge again
  • #29,310
  • Oct 17, 2018 3:20am Oct 17, 2018 3:20am
didn't finish counting yet but this might be the scenario that we finished 1st wave and now in wave 2 ABC before wave 3 take over and fly
Attached Image (click to enlarge)
Click to Enlarge Name: quicky.jpg Size: 134 KB
  • #29,311
  • Oct 17, 2018 3:23am Oct 17, 2018 3:23am
Your plan is good because in the end, GbpJpy is very likely to go much higher in the next few weeks. If you can hold through the retracement, you will be all right.

Of course, anything can happen in trading. I am just giving you the most likely scenario based on my experience. I will definitely be buying this pair later for the ride higher.
Observation is the path to discovery.
  • #29,312
  • Oct 17, 2018 3:51am Oct 17, 2018 3:51am
Quoting msniper
didn't finish counting yet but this might be the scenario that we finished 1st wave and now in wave 2 ABC before wave 3 take over and fly {image}
GJ reached to the area of my expectation to end wave 2. can wave 3 to new high start now ? lets watch
  • #29,313
  • Edited 4:10am Oct 17, 2018 3:57am | Edited 4:10am
I hesitated to close the last trade I have from 147.4, probably I will close it when it will have some profit and then maybe stay on the sideline ...

Edit: I am out of it.
  • #29,314
  • Oct 17, 2018 4:06am Oct 17, 2018 4:06am
30mins Bullish harmonic start to appear now the bounce will happen inside the box to at least 148.6x
Attached Image (click to enlarge)
Click to Enlarge Name: gj harm bull.jpg Size: 140 KB
  • #29,315
  • Oct 17, 2018 4:12am Oct 17, 2018 4:12am
Quoting msniper
30mins Bullish harmonic start to appear now the bounce will happen inside the box to at least 148.6x {image}
I tend to believe in a move up to a maybe 148.2 too.
  • #29,316
  • Oct 17, 2018 4:17am Oct 17, 2018 4:17am
I closed my shorts and I am looking for a good place to Buy right now. It is risky with the EU Economic Summit happening today and tomorrow.
Observation is the path to discovery.
  • #29,317
  • Oct 17, 2018 4:32am Oct 17, 2018 4:32am
Opened Buy at 147.43

TP: Open
Observation is the path to discovery.
  • #29,318
  • Oct 17, 2018 7:19am Oct 17, 2018 7:19am
Quoting Alorente
Opened Buy at 147.43 TP: Open
welcome aboard
  • #29,319
  • Oct 17, 2018 7:35am Oct 17, 2018 7:35am
Quoting msniper
{quote} welcome aboard
This is just a scalp to 147.70/147.80

I believe it is still going to 145/146 after that.

WeŽll see.
Observation is the path to discovery.
  • #29,320
  • Oct 17, 2018 7:57am Oct 17, 2018 7:57am
Quoting Robinhood1
{quote} {image}
142.52
POSTMASTER
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