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Daily GBP/JPY analysis

  • #14,981
  • Jun 2, 2009 12:39am Jun 2, 2009 12:39am
Chart 1H - Due to the strong bullish breakout, therefore I believed market the previous considered that market may perform a correctice wave B before another bullish continuation to complete subwave C in 4 (weekly) is already invalid. Favourably, market already in progress tocomplete major wave 4 (white, magenta or yellow) before expecting for another bearish continuation trend to complete major wave 5 in C. At the moment, market just in subwave 3 before expecting a bearish retracement to complete subwave 4. Please be noted either we shall see another subwave 3 expansion (yellow) or is already completed (white), need to be confirm later. My strategy is, I'm waiting for a completion of major wave 4 before considering any possibility towards a major bearish continuation trend to complete major wave 5.

Chart Daily - I believed, market in progress to complete corrective wave c in 4 before expecting for another bearish continuation trend to complete major wave 5 in C.

Chart Weekly - Please be careful since market may continue to perform a bullish retracement trend to complete wave 4 at fibo retracement 50% before expecting for another major bearish continuation trend scenario. My advise is, please wait until major wave 4 is completed before making any decission to make any bearish entry. Please confirm it from a bigger TF at BSTS later.

Good luck.
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  • #14,982
  • Jun 2, 2009 11:42pm Jun 2, 2009 11:42pm
At this moment, I'm looking forward for a bearish retracement trend to perform wave 4 either in white or magenta before expecting for another bullish continuation trend. Preferably, please be noted that there is possibility that wave 5 could be only a truncated wave (white). Unless the white critical line is taken, advisable to look for any bearish entry signal from BSTS later. Otherwise we may see an impulsive wave 5 in magenta or an extension of wave 3 in yellow. Good luck.
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  • #14,983
  • Jun 3, 2009 12:21am Jun 3, 2009 12:21am
I usually look at your predictions. But i find it very difficult to read ur charts...appreciate if u can make ur charts more simpler and can explain folks in simple language... otherwise good work... keep continuing..
  • #14,984
  • Jun 3, 2009 3:19am Jun 3, 2009 3:19am
Quoting Jebatfx
At this moment, I'm looking forward for a bearish retracement trend to perform wave 4 either in white or magenta before expecting for another bullish continuation trend. Preferably, please be noted that there is possibility that wave 5 could be only a truncated wave (white). Unless the white critical line is taken, advisable to look for any bearish entry signal from BSTS later. Otherwise we may see an impulsive wave 5 in magenta or an extension of wave 3 in yellow. Good luck.
Keep in mind that GBP/JPY is in fact a cross pair of GBP/USD x USD/JPY

Both of the primary pairs still have some bullishness in them and I wouldn't expect a reversal just yet. I would expect GBP/USD to reach the 1.7 region while the USD/JPY to also grow slightly. So another few hundred pips left in GBP/JPY if you ask me.
  • #14,985
  • Jun 3, 2009 3:21am Jun 3, 2009 3:21am
Quoting Manish
I usually look at your predictions. But i find it very difficult to read ur charts...appreciate if u can make ur charts more simpler and can explain folks in simple language... otherwise good work... keep continuing..
Agreed, charts are an eyesore. The simpler they are the easier to read. Each to their own though.
  • #14,986
  • Jun 3, 2009 3:21am Jun 3, 2009 3:21am
Wow, can't believe it!!! We've hit page 1000!
  • #14,987
  • Jun 3, 2009 3:26am Jun 3, 2009 3:26am
Quoting Zoran
Wow, can't believe it!!! We've hit page 1000!

Hows it going Zoran....Been a while since I visited this thread.
  • #14,988
  • Jun 3, 2009 3:30am Jun 3, 2009 3:30am
Hey Wolf, yes... it has been a while. I'm still around in other threads and check this one occasionally.

I've moved abroad although I'm still working in the UK and spending the odd week there.

How about yourself? What's new in your neck of the woods?
  • #14,989
  • Jun 3, 2009 3:38am Jun 3, 2009 3:38am
Quoting Zoran
Hey Wolf, yes... it has been a while. I'm still around in other threads and check this one occasionally.

I've moved abroad although I'm still working in the UK and spending the odd week there.

How about yourself? What's new in your neck of the woods?
Glad things are going well....lifes good here, nothing exciting but the tradings going well, cut down my trading hours and finish by lunch normally. Attempting to have a life away from trading!, although I'm a bit of an addict which doesn't help.

Were in the world do you live now.

Edit: Just checked your profile which has answered my question .
  • #14,990
  • Jun 3, 2009 3:42am Jun 3, 2009 3:42am

I'm in Belgrade, Serbia now. I spend about 2 weeks here and then 1 week in the UK.

You still in Yorkshire or have you moved to Monaco?

  • #14,991
  • Jun 3, 2009 3:48am Jun 3, 2009 3:48am
I wish.....Doing ok but not that ok yet lol.

That was just one of the best short phrases I had heard in ages.

Proof that if you don't give up good things can happen.
  • #14,992
  • Jun 3, 2009 3:58am Jun 3, 2009 3:58am
Good to hear. I can see by your profile that you are on the right track with your method. You should pop into fti's thread more often. There are many jewels lying about.
  • #14,993
  • Jun 3, 2009 4:07am Jun 3, 2009 4:07am
I will definatley visit there more often, Fti very kindly vouched for me which was unexpected.

Good chatting Zoran, think we have got a bit off topic on here now.

I'm short from 160 such a lovely round number, still holding some long though.

(Gonna start a new thread in the members lounge shortly!! as an explanation)
  • #14,994
  • Jun 3, 2009 4:34am Jun 3, 2009 4:34am
See you around Chris! All the best with your trading and thread. Let me know when you've started it.
  • #14,995
  • Jun 3, 2009 11:41pm Jun 3, 2009 11:41pm
Chart 1H - Preferably, I'm looking forward for any possibility toward the alt count in white scenario. A further breakout until the yellow/magenta critical line would bolster to this scenario. Otherwise, please be careful for any bullish continuation trend scenario refering to the alt count in magenta.

Chart Daily - Favourably, I'm looking forward for an opportunity to the completion of major wave 4 refering to the alt count in white before expecting for a major bearish continuation trend scenario to complete major wave 5. But please be extra careful if the major wave 4 is still not complete yet (magenta or yellow). Good luck.
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  • #14,996
  • Jun 4, 2009 10:39pm Jun 4, 2009 10:39pm
At this moment, I'm looking forward for a further bearish continuation trend to bolster towards the alt count in white scenario. But please be careful for any bullish continuation trend either to complete the unfinish truncated wave 5 in yellow or an impulsive wave 5 in magenta. Preferably, advisable to look for any bearish entry signal from BSTS later. Good luck and happy weekends.
Attached Image (click to enlarge)
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  • #14,997
  • Jun 5, 2009 8:34am Jun 5, 2009 8:34am
I think that we are in a 5th wave uptrend in the 4 hour chart, where as we are already in the 5th wave of the daily chart.

Once we cross 160.5 and retrace the 5th wave will be complete in both the 4hr and daily chart and we will continue a big downfall in the 5th wave down of the weekly chart ( we are currently in the 4th wave retracement on the weekly chart) which could lead us to a lower bottom than made on 19th Jan of 118.9 .

The 5th wave of the 4 hr chart could lead us to the 50% retracement of 168. Be careful if ur planning on shorting..

--Andy
  • #14,998
  • Jun 7, 2009 11:27pm Jun 7, 2009 11:27pm
Quoting andy24
I think that we are in a 5th wave uptrend in the 4 hour chart, where as we are already in the 5th wave of the daily chart.

Once we cross 160.5 and retrace the 5th wave will be complete in both the 4hr and daily chart and we will continue a big downfall in the 5th wave down of the weekly chart ( we are currently in the 4th wave retracement on the weekly chart) which could lead us to a lower bottom than made on 19th Jan of 118.9 .

The 5th wave of the 4 hr chart could lead us to the 50% retracement of 168. Be careful if ur planning on shorting.....
yes, u r right. Good luck.

-------------------------

Preferably, I'm looking forward for a completion of major wave 4 and a major bearish continuation trend scenario to complete major wave 5 refering either to the alt counts in white or yellow. But, please be careful for any breakout towards the white/yellow critical line which would indicates that market still in major bullish retracement trend to complete major wave 4 in magenta. Good luck.
Attached Image (click to enlarge)
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  • #14,999
  • Jun 9, 2009 2:33am Jun 9, 2009 2:33am
GBP/JPY's break of 158.56 minor resistance suggests that pullback from 160.44 has possibly completed at 154.85 already. Intraday bias is flipped back to the upside. Further break of 160.44 high will confirm recent rise has resumed and should target 55 weeks EMA at 162.21 next. On the downside, below 156.61 minor support will indicate that fall from 160.44 is still in progress and argue that a short term top is in place already. Deeper decline could then be seen to 150.86 resistance turned support.
In the bigger picture, there is no sign of topping in GBP/JPY yet and the rise from 118.81 might extend further. But after all, there is no change in the view that such rise is merely a correction in the larger down trend and hence we'll continue to look for reversal signal as GBP/JPY is now staying in 155.88/167.34 resistance zone (38.2% and 50% retracement of 215.87 to 118.81). On the downside, break of the trend line support (now at 147.90) will be an indication that whole rise form 118.81 has completed and focus will then turn to 143.00 support for confirmation.
  • #15,000
  • Jun 9, 2009 3:50am Jun 9, 2009 3:50am
GBP/JPY's break of 158.56 minor resistance suggests that pullback from 160.44 has possibly completed at 154.85 already. Intraday bias is flipped back to the upside. Further break of 160.44 high will confirm recent rise has resumed and should target 55 weeks EMA at 162.21 next. On the downside, below 156.61 minor support will indicate that fall from 160.44 is still in progress and argue that a short term top is in place already. Deeper decline could then be seen to 150.86 resistance turned support.
In the bigger picture, there is no sign of topping in GBP/JPY yet and the rise from 118.81 might extend further. But after all, there is no change in the view that such rise is merely a correction in the larger down trend and hence we'll continue to look for reversal signal as GBP/JPY is now staying in 155.88/167.34 resistance zone (38.2% and 50% retracement of 215.87 to 118.81). On the downside, break of the trend line support (now at 147.90) will be an indication that whole rise form 118.81 has completed and focus will then turn to 143.00 support for confirmation.
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