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Dragon Riders GBP/JPY

  • #3,621
  • Feb 11, 2015 7:58pm Feb 11, 2015 7:58pm
skyhok, are you counting those 1,2,3,4 as an expanding diagonal? Otherwise there's a rule violation i.e. overlap of 4 into 1.
  • #3,622
  • Feb 11, 2015 8:01pm Feb 11, 2015 8:01pm
Quoting ill_be_back
LONG GJ at 182.887 SL 182.182
S/O on this
But in AGAIN at 182.840 SL 182.765
A good trader follows his rules, but great trader knows when to break them
  • #3,623
  • Feb 11, 2015 8:22pm Feb 11, 2015 8:22pm
I'm going to have a short pending sell order @ 184.64 and wait and see...
  • #3,624
  • Feb 11, 2015 9:08pm Feb 11, 2015 9:08pm
Pip range is too wide. Taking the hard ceiling of 184 into consideration, taking shorts above 183 does provide higher R:R ratio. Hope to scalp shorts from here, will avoid big trades prior to GBP heavy releases later.
Luck shines on the positive.
  • #3,625
  • Feb 11, 2015 9:25pm Feb 11, 2015 9:25pm
Quoting Ironman777
I'm going to have a short pending sell order @ 184.64 and wait and see...
It might get triggered following the BOE.

Unfortunately, if we don't break below 182.70 (halfway between two fib points), we're probably going to stay within yesterday's range. Still, BOE announcement limits upside, since gbp/jpy is somewhat overbought and sitting right on a breakout area in terms of weekly outlook. Not optimal in my opinion, since the only thing you could do by that point is scalping two, three dozen pips hopefully.

Still not longing with the exception of quick scalps. 4 hour chart RSI looks way too risky for a prolonged long.
  • #3,626
  • Feb 11, 2015 9:38pm Feb 11, 2015 9:38pm
Someone has suggested here that this has completed a wave 4 and will move down. They may be right. However, at this time it must break under 182.6 then 182 to prove as such. A hold here, then break over the previous high, then over 184.5 ish would take it up instead to 187. That would be wave B continuing. Right now a UJ move over 120.8 would suggest that it has completely finished its triangle and there is no more downside.
  • #3,627
  • Feb 11, 2015 9:41pm Feb 11, 2015 9:41pm
GJ Next Stop 185.777
Lets see what happens
A good trader follows his rules, but great trader knows when to break them
  • #3,628
  • Feb 11, 2015 10:38pm Feb 11, 2015 10:38pm
Quoting Mpt
Someone has suggested here that this has completed a wave 4 and will move down. They may be right. However, at this time it must break under 182.6 then 182 to prove as such. A hold here, then break over the previous high, then over 184.5 ish would take it up instead to 187. That would be wave B continuing. Right now a UJ move over 120.8 would suggest that it has completely finished its triangle and there is no more downside.
Hey man,....yep....could it be a 4 down was completed and the target is 193.33 or so.....I'm thinkin'.!!,,,,,,and please post here more often.... .. remember you posted on page two or somethin way back then even..
  • #3,629
  • Feb 11, 2015 10:44pm Feb 11, 2015 10:44pm
heads up....the weekly shows the pair in wave three....right at the start....the best time to get in.....the start of a wave three
  • #3,630
  • Feb 11, 2015 10:48pm Feb 11, 2015 10:48pm
A wave 3 short past the 114 region?
  • #3,631
  • Feb 11, 2015 11:25pm Feb 11, 2015 11:25pm
Quoting notsocasual
A wave 3 short past the 114 region?
hey there it shows two weeks into the wave three upward....
  • #3,632
  • Feb 11, 2015 11:41pm Feb 11, 2015 11:41pm
Quoting Gbp/jpy
heads up....the weekly shows the pair in wave three....right at the start....the best time to get in.....the start of a wave three
IMHO, it's not impulsive enough to be wave 3. It's either wave 4 /c completing here or soon, B completing or in progress, or wave 1 of 3 under way.

Overall, assuming it will go on eventually to make major new highs (but let's face it, an exhaustive B wave that fails between here and the top does open the chance of a large retracement) I still suspect it could be a very large wave 2 correction, wherein 189 was the top of 1 of 5.

Naively, I am still long as I suspect that UJ has just had its correction. However, it may well fall back from 121.6 and into the triangle centre one last time. That would mean GJ at or about 184.5. UJ may well look like a triangle, it's done everything expected of a triangle - but should it fail to crack 121.6/7 and fell back UNDER 116, it was just masquerading as a continuation triangle.
  • #3,633
  • Feb 12, 2015 12:25am Feb 12, 2015 12:25am
If we are talking about the weekly flow then I believe this will get your attention.. I prepared a comparison between 2007 and now.. and look how close the patterns are.. so tell me folks, what would we expect to see soon?

Both time fragments are in exact same size.. nothing zoomed.. but it appears that what happened in 2007 with high volatility just happens now again with low volatility..

Happy Trades
Attached Image (click to enlarge)
Click to Enlarge Name: GJ_Comparison.jpg Size: 491 KB
Focus only on what truly matters!
  • #3,634
  • Feb 12, 2015 12:44am Feb 12, 2015 12:44am
Quoting Ata-Turkoglu
If we are talking about the weekly flow then I believe this will get your attention.. I prepared a comparison between 2007 and now.. and look how close the patterns are.. so tell me folks, what would we expect to see soon? Both time fragments are in exact same size.. nothing zoomed.. but it appears that what happened in 2007 with high volatility just happens now again with low volatility.. Happy Trades {image}
Hi Ata, looks like we see the same things. I use the Profitunity windows to trade these days, but I am quite familiar with Ichimoku charts as well. Good analysis!
If you are good at something, never do it for free--Joker
  • #3,635
  • Feb 12, 2015 12:46am Feb 12, 2015 12:46am
Quoting jmn5611
{quote} Hi Ata, looks like we see the same things. I use the Profitunity windows to trade these days, but I am quite familiar with Ichimoku charts as well. Good analysis!
Thanks bro..
Focus only on what truly matters!
  • #3,636
  • Feb 12, 2015 1:04am Feb 12, 2015 1:04am
Quoting notsocasual
skyhok, are you counting those 1,2,3,4 as an expanding diagonal? Otherwise there's a rule violation i.e. overlap of 4 into 1.
yeah, expanding diagonal on a (c) wave down.
Elliott Wave for optimum entry, exit and risk management of trades
  • #3,637
  • Feb 12, 2015 1:07am Feb 12, 2015 1:07am
Short term channel top broken.
Luck shines on the positive.
  • #3,638
  • Feb 12, 2015 1:27am Feb 12, 2015 1:27am
Quoting Mpt
{quote} IMHO, it's not impulsive enough to be wave 3. It's either wave 4 /c completing here or soon, B completing or in progress, or wave 1 of 3 under way. Overall, assuming it will go on eventually to make major new highs (but let's face it, an exhaustive B wave that fails between here and the top does open the chance of a large retracement) I still suspect it could be a very large wave 2 correction, wherein 189 was the top of 1 of 5. Naively, I am still long as I suspect that UJ has just had its correction. However, it may well fall back from...
Charts! Charts! Charts! guys. Hard to understand when you're thinking aloud. LOL
Elliott Wave for optimum entry, exit and risk management of trades
  • #3,639
  • Feb 12, 2015 1:37am Feb 12, 2015 1:37am
SL triggered with overall profit of 35 pips while asleep. Meh.

We're at an interesting spot right now. But with the BOE coming up soon in less than 3 hours, I wonder if London has enough force to move the markets somewhere.
  • #3,640
  • Feb 12, 2015 1:47am Feb 12, 2015 1:47am
I hope the chart is legible....my concern is the wave 3 structure.
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