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GBP/JPY

  • #1,381
  • Sep 2, 2014 8:54am Sep 2, 2014 8:54am
Quoting MaximeCau
{quote} Can you explain why ? Do you have a target ?
No sorry, i like to keep it a secret.. enjoy the the ride.. its for you to decide where to take zé profit
Probably the worlds best currency trader.
  • #1,382
  • Sep 2, 2014 11:57am Sep 2, 2014 11:57am
Quoting Wheathermakr
{quote} No sorry, i like to keep it a secret.. enjoy the the ride.. its for you to decide where to take zé profit
I ask you this because sometimes people say "sell" or "buy" and they are wrong.... That's why it is better to give the reason in order to see why...

Anyway, I had the top 173.950 with technical analysis.

Finally prices came back to the next daily support 173.250 and now continue to fall down to 172.450 which could be the support level for the third wave.
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  • #1,383
  • Sep 2, 2014 4:54pm Sep 2, 2014 4:54pm
Hesitating between 3 scenarios :
-#1 : a 3rd wave of uptrend
-#2 : We will complete the Head and shoulders pattern : bounce on 172.450 and stopped at 173.250
-#3 : We will complete the Head and shoulders pattern : bounce on 172.450 and stopped by the neck line - the cloud will maybe give the same level...
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  • #1,384
  • Sep 3, 2014 12:13am Sep 3, 2014 12:13am
Result

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  • #1,385
  • Sep 3, 2014 10:00am Sep 3, 2014 10:00am
172.450, target hit.

The key level will be 173.250 in my opinion...
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  • #1,386
  • Edited 3:21pm Sep 4, 2014 11:53am | Edited 3:21pm
I expect a reaction at 171.680.
Triple bottom ?
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  • #1,387
  • Sep 4, 2014 11:34pm Sep 4, 2014 11:34pm
Quoting MaximeCau
I expect a reaction at 171.680. Triple bottom ? {image}
Hi MaximeCau, I can see your great effort on predicting the market..

IMHO, if price doesn't go back into your channel (and I think it will try that soon) then, especially if we look at daily chart, we can clearly see that a strong downtrend has formed itself already and pushes price down to test the lows from 2014 August 15, 170.80-170.40 support zone.

If price could break that zone, then it can even go more lower to the next lows around 170.08-169.55 from 2014 May 29.

So all I am waiting now is the answer of the question: "will price go back into the channel"?

Happy Trades
Focus only on what truly matters!
  • #1,388
  • Edited 8:03am Sep 5, 2014 6:56am | Edited 8:03am
Quoting Ata-Turkoglu
{quote} Hi MaximeCau, I can see your great effort on predicting the market.. IMHO, if price doesn't go back into your channel (and I think it will try that soon) then, especially if we look at daily chart, we can clearly see that a strong downtrend has formed itself already and pushes price down to test the lows from 2014 August 15, 170.80-170.40 support zone. If price could break that zone, then it can even go more lower to the next lows around 170.08-169.55 from 2014 May 29. So all I am waiting now is the answer of the question: "will price go...
Yes, we had a strong buy reaction (but on low volumes...) as I thought at 171.680 but sellers are definitely very strong... Prices won't go back into the channel...

We are now going to 170.800.

I know that donwtrend is strong but we already had high buy volume and that's why I'm waiting for a bounce which will help to draw downtrend lines.

EDIT : we will probably touch the downtrend line at 170.800...
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  • #1,389
  • Sep 8, 2014 2:28am Sep 8, 2014 2:28am
We had a huge gap on GBP pairs...

We broke the oversold trend line, test it on low volume and continue to fall down.

Next Daily support 168.400
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  • #1,390
  • Sep 8, 2014 3:15am Sep 8, 2014 3:15am
The Pattern is clear, but the Price is uncertain. Does it reverse here or further down? Watching USDJPY.
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Elliott Wave for optimum entry, exit and risk management of trades
  • #1,391
  • Sep 8, 2014 3:20am Sep 8, 2014 3:20am
Quoting skyhok
The Pattern is clear, but the Price is uncertain. Does it reverse here or further down? {image}
IMO, we can speak of a reversal only if price climbs above 169.85.. we must have a full candle close..

I guess price will touch that line today and can even rise sometimes above it, but without a full candle close above it on 15m or higher timeframes I would stay bearish.

Happy Trades
Focus only on what truly matters!
  • #1,392
  • Sep 8, 2014 3:25am Sep 8, 2014 3:25am
Quoting Ata-Turkoglu
{quote} IMO, we can speak of a reversal only if price climbs above 169.85.. we must have a full candle close.. I guess price will touch that line today and can even rise sometimes above it, but without a full candle close above it on 15m or higher timeframes I would stay bearish. Happy Trades
Well thought out. Thank you
Elliott Wave for optimum entry, exit and risk management of trades
  • #1,393
  • Sep 8, 2014 8:31am Sep 8, 2014 8:31am
GJ, "Hanging Man" pattern on 1H chart... I think the downtrend will continue soon.. any thoughts?

Happy Trades
Focus only on what truly matters!
  • #1,394
  • Sep 8, 2014 8:52am Sep 8, 2014 8:52am
Quoting Ata-Turkoglu
GJ, "Hanging Man" pattern on 1H chart... I think the downtrend will continue soon.. any thoughts? Happy Trades
170.970 is the resistance. . Let see what happen there.
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  • #1,395
  • Sep 8, 2014 8:54am Sep 8, 2014 8:54am
Quoting MaximeCau
{quote} 170.970 is the resistance. . Let see what happen there. {image}
Since it is near the Big Round Number: 171.000, I guess it will rejected.

Happy Trades
Focus only on what truly matters!
  • #1,396
  • Edited 11:04am Sep 8, 2014 10:11am | Edited 11:04am
Quoting Ata-Turkoglu
{quote} Since it is near the Big Round Number: 171.000, I guess it will rejected. Happy Trades
The reaction which began at 169.600 is pretty strong...

This trend is pretty healthy, higher volumes, looks like a break out....
  • #1,397
  • Edited 11:24am Sep 8, 2014 11:04am | Edited 11:24am
We didnt break the trend line yet, but it is possible that the oversold downtrend line will act as a support and in this way we will have a higher low inside the structure...

It is exactly a 61.8% retracement.
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  • #1,398
  • Sep 8, 2014 11:09am Sep 8, 2014 11:09am
Quoting MaximeCau
We didnt break the trend line yet, but it is possible that the oversold downtrend line will act as a support and in this way we will have a higher low inside the structure... {image}
Very good formulation.. will compare this with my charts try to catch a nice entry point for long.. thanks

Happy Trades
Focus only on what truly matters!
  • #1,399
  • Sep 8, 2014 8:31pm Sep 8, 2014 8:31pm
Pattern is clear, Price target of ED reached. GBPJPY is Done for the downside for now.
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Elliott Wave for optimum entry, exit and risk management of trades
  • #1,400
  • Edited 6:05am Sep 9, 2014 5:01am | Edited 6:05am
Still on track for new lows. Tomorrow 168.5 ish assuming break of 170.8 and 170.4.
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