DislikedSame count here, have been buy @238.60 1 hr pin bar!!!Ignored
Dislikedhave been stop out, ouch!! After read I wannt trade post, will step out (no trade) for a moment and let's see what happenIgnored
Dislikedback to the board.
Anyway, Total loss for the day is 346 pips on 2 trades. I am letting the last Long trade stay.
hhhmmmmm..... if I waited a little longer or if I spotted that complex wave there before I exited my trade, by now, I would almost be back to recovering that drawdown..
Price bounced off
Daily Support 2,
I should have realized that too. Quite a thick layer of Support there.Ignored
Money is using the same chart I did where I developed my original bearish bias on the USD/JPY since the decline from 124.13 and I saw an entry point once the correction occurred after Wave 1 to 111.58. The terminal thrust from the triangle Money posted could test 101.00. Thanks for posting that chart Money. This extreme bearish trend will drag down the GBP/JPY. Plus, as I said yesterday, the GBP/USD is due for a large reversal as all moment indicators have been in extremes for some time now and are showing divergence (RSI, Stochs.). The dollar is due to rally at any time, and I feel that some news in the either the ECB or BOE rate decisions tomorrow morning will trigger the GBP/USD to reverse and head down sharply. When the USD/JPY and the GBP/USD go down together, the GBP/JPY will follow. The correction GBP/JPY was completing was complex, but I have a possible count which I put in the chart. Like I've said before, like the USD/JPY, the GBP/JPY and the EUR/JPY for that matter, are on their way to test and break through their August lows. If I'm right that the GBP/JPY just completed a failed 5th wave, then it would might be a good idea to get aggressively short right now, or once it tests the top of the channel ahead of the rate decisions to catch the huge reversal coming.
DislikedThank you Todd for your Analysis.
I was too engrossed with my wave counts that I failed to really look at how others including your's, Pips4life's and Carman's charts and analysis.