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Daily GBP/JPY analysis

  • #16,381
  • Apr 5, 2012 7:30pm Apr 5, 2012 7:30pm
Quoting torkay77
gj looks a bit messy .. i am not sure if it is the end of wave 3... cause i get very mixed signals ...rsi is not voting for big new lows but the 38.2 retracement level which would be a proper correction target is still 200 pips away...if it is just an extended wave e of the 3-3-3-3-3 abcde..it could mean the correction is soon over and the bull trend continues ....the whole downmove from point d can't be a bigger wave 1 cause it has a zigzag structure and not 5 subwaves.....so as i have no clear oppinion here i do nothing , just watch closely ...
There's no way you can easily count any of these waves as there are too numerous possibilities. And most of the wave counts don't really seem, to me at least, to make much sense.

But, if you look at the overall pattern, it might end up being quite straightforward .....

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  • #16,382
  • Apr 5, 2012 8:04pm Apr 5, 2012 8:04pm
Quoting Mpt
There's no way you can easily count any of these waves as there are too numerous possibilities. And most of the wave counts don't really seem, to me at least, to make much sense.

But, if you look at the overall pattern, it might end up being quite straightforward .....

Attachment
yeah that's the extreme big count if things get worse, but we would need some more negative fundamental driver to get there i guess..also in this case so far we even did not finish wave 1 ...but as the whole yen upmove is likely a corrective wave it is possible we go nearly all the way back down
  • #16,383
  • Edited Apr 6, 2012 12:35pm Apr 5, 2012 9:51pm | Edited Apr 6, 2012 12:35pm


edit : gbp/jpy 4h - 2nd chart after editing. Both positions w/be+1.

Long bias atm until fundies/technicals/sentiments change it , looking for 135.44
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  • #16,384
  • Apr 8, 2012 10:20pm Apr 8, 2012 10:20pm
Hi everyone, what do you think, should i wait for the price come back or close my position?

I set this order based on the Price is under the Alligator, bellow Dayly Pivot, and has crossed the Fractal.

But then the price went up.

Thanks for you opinion.
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  • #16,385
  • Apr 8, 2012 11:31pm Apr 8, 2012 11:31pm
Quoting Peepo
Hi everyone, what do you think, should i wait for the price come back or close my position?

I set this order based on the Price is under the Alligator, bellow Dayly Pivot, and has crossed the Fractal.

But then the price went up.

Thanks for you opinion.

In a word, YES going below 129.000 soon

It takes a lot for me to IGNORE you, but you can try.
  • #16,386
  • Apr 8, 2012 11:41pm Apr 8, 2012 11:41pm
Thanks!

... looking at the charts, I'm calmer, and more with your response, I wonder if these are correct Fibs draw. If so, I see that now the famous 61.8 and returned.
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  • #16,387
  • Apr 10, 2012 4:36pm Apr 10, 2012 4:36pm
Now below 128 !!!
It takes a lot for me to IGNORE you, but you can try.
  • #16,388
  • Apr 12, 2012 12:42am Apr 12, 2012 12:42am
At the moment, I'm expecting another bearish continuaiton trend scenario either to complete wave 4 in white or corrective wave c either in yellow or aqua. Otherwise, please be careful toward any potential of strong breakout to the upper green trendline. Good luck.
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  • #16,389
  • Apr 15, 2012 9:47pm Apr 15, 2012 9:47pm
My current wave count.

At this time, GJ might be completing part of its wave 4 of c of A (blue lines), or possibly completing the whole of A, as per the red line on the chart.

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  • #16,390
  • Apr 18, 2012 5:21am Apr 18, 2012 5:21am
possible end of wave c or 1 is near... maybe time to take some profits or short scalps
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  • #16,391
  • Apr 18, 2012 6:08am Apr 18, 2012 6:08am
Quoting torkay77
possible end of wave c or 1 is near... maybe time to take some profits or short scalps

Same big questions with UJ. Has the reversal begun? Was this subwave c of 4, or is/was it wave 1 or wave a of the major B reversal wave? Does the fact that it retraced 50% of the whole move support the wave 4 argument and the fact that it was very vigorous, as per a wave 3 or wave C???

Either way, I took a short looking for a deep retracement.
  • #16,392
  • Apr 18, 2012 10:44am Apr 18, 2012 10:44am
I'm short GBP/JPY @ 130.259 Where would u put the S/L?
  • #16,393
  • Apr 18, 2012 5:09pm Apr 18, 2012 5:09pm
gbp/jpy 4h.
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  • #16,394
  • Apr 18, 2012 5:15pm Apr 18, 2012 5:15pm
Quoting VennD
gbp/jpy 4h.
any words? up or down? lol..
  • #16,395
  • Edited Apr 19, 2012 5:16am Apr 18, 2012 5:19pm | Edited Apr 19, 2012 5:16am
Quoting rufaz
any words? up or down? lol..
I don't know, ... Im looking for 135.44 and above, long-term
  • #16,396
  • Apr 18, 2012 5:29pm Apr 18, 2012 5:29pm
Quoting VennD
I don't know, ... Im looking for 135.44 and above long-term
stoch h4 is telling that it is going down (for now). i dont know. any opinion on this?

im a newbie afterall. never take my advise, but take my questions. =)
  • #16,397
  • Apr 18, 2012 5:44pm Apr 18, 2012 5:44pm
Quoting rufaz
stoch h4 is telling that it is going down (for now). i dont know. any opinion on this?

im a newbie afterall. never take my advise, but take my questions. =)
probably so ? u could be right . hmmm ... prob ur a newbie and I guess ur much better than me ...coz ... I just started to learn trading ... yesterday

So ... my answer is ... I don't know
  • #16,398
  • Apr 18, 2012 6:11pm Apr 18, 2012 6:11pm
Quoting VennD
probably so ? u could be right . hmmm ... prob ur a newbie and I guess ur much better than me ...coz ... I just started to learn trading ... yesterday

So ... my answer is ... I don't know
Should 130.5 hold, then we may have a near perfect Head and Shoulders pattern, as highlighted on this thread some weeks ago.

Break above 130.5 or so opens up the top to probably at least a double top (133.4 area). Failure to break up would support the H&S idea, with a return to 127.

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  • #16,399
  • Apr 19, 2012 5:01am Apr 19, 2012 5:01am
my short gets burned .. i hate this pair
  • #16,400
  • Apr 19, 2012 5:46am Apr 19, 2012 5:46am
Quoting torkay77
my short gets burned .. i hate this pair

You are not alone. Lost some money back at the 50 retracement.

4hr stays over-stretched. Small consolidation at the 50%. Almost no reaction at the 61.8.

It could be worse. You could be trading Cable!!

Will remain long until top trendline resistance (now at at 132.9) or a downside break of the ascending trendline.

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