This thing is tumbling like a humpty dumpty and jack and jill:surprised. Anyone have anything possitive to say about trader who have LONGS open! lol! All that talk about reaching to 232 (50FIB on Weekly) has disappeared in thin air.
guys or gals, any direction is all a possibility. this thing could be at 232 by Monday or 215. Its still up in the air. bears seem to have control now but the BEAST can shoot up 300 pips in an hour then whats the analysis. if u buy now and it goes to 230 then ur a genius and vice versa. lets see what happens next week.
Right MM. Price could still go either way.
IMHO though, I have a bias for a Long term LongTrade for GBPJPY. However, I am not in a GBPJPY trade right now. But will wait till it reaches the range of 222.67 or a little over for a potential throwover before I decide to really put in my Long Trade.
I have explained my "EW" reasons on this in my thread if you want to dig deeper.
I am attaching a chart I drew up for this potential scenario for a BULLISH GBPJPY in 2008. I will only be convinced that GBPJPY is in a Bear Trend Long Term if it takes out the previous low of 219.31
EG
hey look at post 56614 for me and tell me if i am on the right wave count on the smaller tf.
Thx
This thing is tumbling like a humpty dumpty and jack and jill:surprised. Anyone have anything possitive to say about trader who have LONGS open! lol! All that talk about reaching to 232 (50FIB on Weekly) has disappeared in thin air.
MM
I checked your wave count on post 56614. That count is 1 of the possibilities if relating wave bottom to that Trendline on the Daily chart like the BLUE on my chart. Same as what you have on your chart. Your 123 is same as the mm1, mm2 and mm3 on my chart.
But if you use the Trendline on the 4hour chart like what I did, then that is another possibility.
Note the BOXED Range for the Wave 3 Potential of the Bigger Wave 5.
EG
Please note that this is just a potential count and I will only decide to trade it as a Long Trade once the 222.67 level is reached.
IF I do decide to place my Long Trade at 222.67 then SL will be at 221.88 which falls on the Bottom trendline (approx. 45 pips). Rounding off SL to 221.80 (53 pips).
Although, it is still possible till 221.25 which is the origin of that proposed Red wave 1. for wave 2 to make a 100% retracement of wave 1. So I wll be monitoring the wave count on the smaller TF to enhance potential entry.
It may seem like that vinesh2. But like Breeze, those who are holding Longs from the 228.50 area may still be able to trade like he does if one has enough funds to tolerate a drawdown to the 198.54 level. and knows how to hedge those trades like he does.
Bottomline is, one needs to know what he is doing/trading, like having a sound MM even if without SL and also equally important is having the experience to trade profitably ones system (even if this big drawdowns occur).
I do not recommend no SL to any one who trades. But I sure believe that it is possible to trade without SL.
EG
