melvinljw

Short GBPJPY, Elliot Wave. Expecting wave V to begin soon

Short
melvinljw Mis à jour   
FX:GBPJPY   Livre sterling / Yen japonais
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.
Commentaire:
Trade is active at 147.5
Commentaire:

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)
Commentaire:
Looking more like an expanding wedge now

Commentaire:
Limit order sell placed at 146.5. (adding on new positions if wedge break)
Commentaire:
Limit order sell triggered. Stacking 1 more position.

Trade SL shifted to entry.
Commentaire:
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

Commentaire:
I'm still watching to see the price action around 145.3 - 145.4. (Likely it will test 1 more time)
Commentaire:
Looks like it broke convincingly.

First Target 138.7 Wave V (1)
Commentaire:
Trade closed at 145.95
Clause de non-responsabilité

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