I have previously published a short GBPJPY. This is a more detailed count.
Currently we are in complex wave 4 (Corrective). This corrective wave 4 is a complex triangle, unfolding in 5 waves. Current up move back to barrier 148 area is labelled as wave E, which is the end of the triangle.
Expecting bearish impulsive wave V to start soon. It should decline in a 5 wave impulsive fashion that I predict.
Trade idea : Short at 148 area
Stop Loss : 149.2 (This pair is very volatile, to prevent spikes that will take down your SL)
TP : Open, If proven right, will add more short positions as the pair move downwards.
Currently we are in complex wave 4 (Corrective). This corrective wave 4 is a complex triangle, unfolding in 5 waves. Current up move back to barrier 148 area is labelled as wave E, which is the end of the triangle.
Expecting bearish impulsive wave V to start soon. It should decline in a 5 wave impulsive fashion that I predict.
Trade idea : Short at 148 area
Stop Loss : 149.2 (This pair is very volatile, to prevent spikes that will take down your SL)
TP : Open, If proven right, will add more short positions as the pair move downwards.
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Trade is active at 147.5
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Small Time Frame. Which trigger my entry.
Looks like Impulsive wave 1 end at 145.25 (From 147.75)
Corrective wave 2 is current forming a double 3 (ABC), zig zack and expanding flat. (Labelled on my graph as WXY)
By Elliot's principle that wave 2 cannot correct more than 100% of wave 1, trade invalidated if it closes above 147.75.
Expecting minor impulsive wave 3 to begin soon
(Note that this is happening inside wave 1 bearish impulsive wave of the bigger picture)
Small Time Frame. Which trigger my entry.
Looks like Impulsive wave 1 end at 145.25 (From 147.75)
Corrective wave 2 is current forming a double 3 (ABC), zig zack and expanding flat. (Labelled on my graph as WXY)
By Elliot's principle that wave 2 cannot correct more than 100% of wave 1, trade invalidated if it closes above 147.75.
Expecting minor impulsive wave 3 to begin soon
(Note that this is happening inside wave 1 bearish impulsive wave of the bigger picture)
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Looking more like an expanding wedge now
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Limit order sell placed at 146.5. (adding on new positions if wedge break)
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Limit order sell triggered. Stacking 1 more position.
Trade SL shifted to entry.
Trade SL shifted to entry.
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Inability to clear 146.3 - 146.4 is giving me reason for pause, as what could appear to be a wave E - 4th wave, corrective flat.
If so, 148 could likely be on the cards if this swing backs up for the final 5th wave
If so, 148 could likely be on the cards if this swing backs up for the final 5th wave
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I'm still watching to see the price action around 145.3 - 145.4. (Likely it will test 1 more time)
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Looks like it broke convincingly.
First Target 138.7 Wave V (1)
First Target 138.7 Wave V (1)
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Trade closed at 145.95
