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Daily GBP/JPY analysis

  • #14,541
  • Jul 22, 2008 10:02pm Jul 22, 2008 10:02pm
it never quite made it to my entry, but thats ok,there will be other trades
  • #14,542
  • Jul 22, 2008 10:54pm Jul 22, 2008 10:54pm
Until this moment, market showed bullish trend but its look like the trend is getting weak. Therefore please be careful for any false breakout or bullish trap scenario. Unless there is a strong breakout, I believed we shall see a bearish reversal trend later (alt count in yellow). Otherwise, market may going up according to the magenta count. Good luck.
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  • #14,543
  • Jul 23, 2008 7:09pm Jul 23, 2008 7:09pm
well things are going as expected except i missed my entry lets see if i can pick up the slack she should pull back towards 215 yen 214.85 would be a nice long entry with a target if 216.25 or so. perhaps 217 yen is not out of the question would look to short at 217 yen
  • #14,544
  • Jul 23, 2008 10:07pm Jul 23, 2008 10:07pm
At this moment, please study all possible alt counts (white/yellow/magenta) and determine which one is more preferable according from your analysis. I'm looking for a completion of wave 5 either refering to the alt count in yellow or magenta. Advisable to standby for any possibility of bearish reversal trend to perform corrective a, b and c after completion of wave 5. Therefore, please look for a good bearish reversal signal from BSTS later within this week before making any entry. Unless there is a true breakout to the bullish continuation line 5 and 6, this scenario would still valid. Also please watch carefully those lower red trendline for any breakout or bounce. Good luck.
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  • #14,545
  • Jul 24, 2008 7:54am Jul 24, 2008 7:54am
i scalped 30 pips or so on the way down gave it right back with my long ouch
  • #14,546
  • Jul 24, 2008 9:33am Jul 24, 2008 9:33am
I'm looking forward for a further downside trend to complete subwave c (cyan) and wave a (yellow or magenta) to perform a "Head & Shoulder" pattern (3 blue rectangle) before expecting another bullish retracement to complete wave b (yellow or magenta). Please be noted that alt count in white is already invalid. Good luck.
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  • #14,547
  • Jul 24, 2008 9:36pm Jul 24, 2008 9:36pm
At this moment, I'm looking for a completion of subwave c and corrective wave a (yellow or magenta) before expecting for a bullish retracement trend to complate wave b (yellow or magenta) and to perform a "Head & Shoulder" pattern (3 blue rectangle) later. Therefore please look for any bearish continuation signal from BSTS later once wave b is completed for market to perform a corrective wave c (yellow or magenta). Have a nice weekend and good luck.
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  • #14,548
  • Jul 27, 2008 7:37pm Jul 27, 2008 7:37pm
Short 214.64 TP 214.35
  • #14,549
  • Jul 27, 2008 10:44pm Jul 27, 2008 10:44pm
I'm looking forward for a completion of wave b either refering to the alt count in yellow or magenta before expecting a major bearish reversal trend to complate wave c (yellow or magenta) later. As long the bullish continuation line 2 still intact, this scenario would still valid. Otherwise we may see a bullish continuation trend to complete wave 3 in white. Advisable to look for any bearish reversal entry signal (including Eur/Jpy) from BSTS later. Good luck.
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  • #14,550
  • Jul 28, 2008 8:43pm Jul 28, 2008 8:43pm
Preferably, I'm looking for a downside movement to perform corrective c (yellow) with condition wave b is already completed. A strong resistance from the upper green trendline would bolster this scenario. Otherwise we shall see a breakout to the upper green trendline either to perform wave b in magenta or wave 3 in white. Therefore please analyse any entry entry from BSTS before making any decission. Good luck.
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  • #14,551
  • Jul 29, 2008 11:05am Jul 29, 2008 11:05am
I'm looking forward for any breakout from the teal triangle to determine which count is more preferable. A further breakout to the lower teal triangle would bolster the bearish reversal trend scenario. Otherwise please be careful for any breakout to the upper teal triangle trendline. Good luck.
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  • #14,552
  • Jul 29, 2008 7:59pm Jul 29, 2008 7:59pm
At this moment, price already made a breakout to the lower teal triangle trendline. Expected to see a further movement to the downside until the lower red trendline to complete subwave i (yellow) before any possible upside movement to complete subwave ii (yellow ) or wave b (magenta) or wave 3 (white). So please watch closely the lower red trendline for any breakout or bounce scenario later. Also if there is any movement to the upside trend, please monitor the upper green trendline and the bullish continuation line 1 and 2. Therefore please be extra careful since tonight (8.15pm GMT +8) and on Friday (8.30pm GMT +8) got a very important news that will effect the market. Preferably, I'm looking for a bearish movement within this week and don't forget to protect your entry with SL. Good luck.
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  • #14,553
  • Jul 30, 2008 10:48am Jul 30, 2008 10:48am
I'm looking forward for a completion subwave ii (yellow) before expecting another bearish continuation to complete subwave iii, iv and v in C (yellow). Please be noted that if the yellow critical line is taken, then this scenario will be invalid. Therefore please analyse all possible alt counts and determine which one is more favourable from your trading system (BSTS). Good luck.
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  • #14,554
  • Jul 30, 2008 9:08pm Jul 30, 2008 9:08pm
Until this moment, I'm looking forward for a confirmation of completion subwave ii (yellow) later today. Price already reached the end of the teal triangle and have to breakout either to the lower or upper trendlines. Please watch closely all important trendlines and critical lines to assist you in determine which alt counts is valid or invalid later. Advisable to wait for a good entry signal from BSTS later before making any entry. Market may in stagnant phase until NFP announcement tomorrow night (8.15pm GMT +8). Good luck.
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  • #14,555
  • Jul 30, 2008 11:18pm Jul 30, 2008 11:18pm
Quoting Jebatfx
Until this moment, I'm looking forward for a confirmation of completion subwave ii (yellow) later today. Price already reached the end of the teal triangle and have to breakout either to the lower or upper trendlines. Please watch closely all important trendlines and critical lines to assist you in determine which alt counts is valid or invalid later. Advisable to wait for a good entry signal from BSTS later before making any entry. Market may in stagnant phase until NFP announcement tomorrow night (8.15pm GMT +8). Good luck.
Hi
May i ask for your templete and indicators..so,i can get my screen as urs to make it easier to follow u..please.

Thank you in advance
  • #14,556
  • Jul 31, 2008 9:49am Jul 31, 2008 9:49am
Quoting ahmedazizelias
Hi
May i ask for your templete and indicators..so,i can get my screen as urs to make it easier to follow u..please.

Thank you in advance
Hi, sry to said that everything inside the chart is manually drawn. So there is no template or indi inside it.


Please be noted that if refering to the alt count in yellow, I believed subwave ii is already completed and looking forward for a bearish continuation trend later. But please be careful if the price make a further upside movement and break the yellow critical line, this scenario would be invalid. So please analyse also the alt count in magenta and white. Good luck.
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  • #14,557
  • Jul 31, 2008 9:57am Jul 31, 2008 9:57am
Quoting Jebatfx
Hi, sry to said that everything inside the chart is manually drawn. So there is no template or indi inside it.


Please be noted that if refering to the alt count in yellow, I believed subwave ii is already completed and looking forward for a bearish continuation trend later. But please be careful if the price make a further upside movement and break the yellow critical line, this scenario would be invalid. So please analyse also the alt count in magenta and white. Good luck.
Hey Jebat, I just want to make sure about that critical yellow line that you're talking about, is at R3 roughly 214.90 right?
  • #14,558
  • Jul 31, 2008 9:08pm Jul 31, 2008 9:08pm
Quoting mirdaniel
Hey Jebat, I just want to make sure about that critical yellow line that you're talking about, is at R3 roughly 214.90 right?
yes, thats correct. Good luck.

I'm looking forward for a further downside if wave iii (yellow) really in progress. But if the "triple bottom" scenario is valid, then we shall see the price will bounce again. Also please be extra careful today since tonight (8.15pm GMT +8), there will be an NFP announcement. Preferably, I'm looking for a further downside movement during the NFP news. Good luck.
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  • #14,559
  • Jul 31, 2008 11:20pm Jul 31, 2008 11:20pm
Quoting Jebatfx
yes, thats correct. Good luck.

I'm looking forward for a further downside if wave iii (yellow) really in progress. But if the "triple bottom" scenario is valid, then we shall see the price will bounce again. Also please be extra careful today since tonight (8.15pm GMT +8), there will be an NFP announcement. Preferably, I'm looking for a further downside movement during the NFP news. Good luck.
I know, thank you. Good analysis!
  • #14,560
  • Aug 1, 2008 1:30am Aug 1, 2008 1:30am
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This daily chart shows GBP/JPY at a crossroads. Both 216 and 208 have historical significance going back years. 214 does not seem to be acting as support

Are we looking at a rising wedge/pennant that will soon break? I think so and here are my reasons:

1. In context of the daily chart it is a rising pennant/wedge pattern in a downtrend.

2. Oscillators are showing divergence for the whole period of the rise.

3. Volumes are falling - but not as much as I would expect, yet.

4. 214 does not seem to be acting as support.

5. Last but not least - Fundamentals. Equities continue to fall world wide.
Gone to a better place
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