----GBPJPY----

niea wrote:this is quick one...

Orange line show there might be reversal for wave 5 around 143.926 - 144.xx
wave 4 maybe lowest at 142.115
as precaution, if line break below 141.726 then this wave count is wrong ady

Consider has reached wave 5...
highest at the moment 144.425

Cashed in?

Rd wrote:Cashed in?

Yup...
both my long position ady closed by TP

wave 5 is too strong... high until 146.xx
too bad I left early since I didn't expect it move this fast & high...

but I feel like wave 5 is actually wave 3 and not wave 5...

GJ ady moved 337 pips for today

Do you know what happend to GJ just now 4.30pm?
Frm 153.10 drop to 151.40...

now ady 150.62...

Might be some big player deciding to sell pound? Maybe some major hedge fund player decided to play short for long term for GBP.. haha

Hmm. Instead, just saw bloomberg. Unexpected drop on UK GDP. Forecasted 0.2 but got -0.4% instead. Pretty convincing for a short on GBP.

niea wrote:Do you know what happend to GJ just now 4.30pm?
Frm 153.10 drop to 151.40...

now ady 150.62...

Rd wrote:Hmm. Instead, just saw bloomberg. Unexpected drop on UK GDP. Forecasted 0.2 but got -0.4% instead. Pretty convincing for a short on GBP.

yes, you are right...
lowest just now 150.17.... close to 300pips terjun...

aggresive movement for GU as well...

This is quick update on GJ for today...

There are few possibility patterns for Elliot wave today...
not sure which one is the correct one...

1)Uptrend
Yesterday ady done wave 1.
At the moment making wave 2, hit lowest for today around 149.92 - 150.16 then reversed up surpass 151.74 - 152.45 for wave 3
If price move lower than 149.138 then, this wave count is wrong ady

2. Downtrend
Big wave C in the making frm recent high 153.245

I can't print scrn my chart, not enough resource for my pc...

US consumer confidence fell for second month...
causing spike down at 10pm just now... this effect GJ as well

http://www.bloomberg.com/apps/news?pid=20601087&sid=a_xPp7Pzgs5E

although there is good news on US house price, but seems like it has been offset by consumer confidence bad news

this post I think should be in FA, but I can't create new topic for this week FA...
maybe u can move this post there after u create this week topic

Yesterday wave count is not accurate...
double top pattern hv stronger influence... make GJ hard to break 151.20 barrier...

So far you've only applied your elliot wave + fibs system on GJ? what about other pairs?

nowadays my focus on GJ only...
other pairs, mostly trade based on news or EMA crossing

GJ fangirl..

ST:

Possible wave down after last night rally....



if today's BoE decision to expand more asset purchase than previously announced by King last Monday or any other surprise (bad surprise), maybe we can see price touch 145.7xx..

Trend in H1: Sideways
Trend in D1: Sideways

Chart Pattern: Rectangle Channel, Symmetrical Triangle

Expected Direction: Up(50%) or Down(50%)

I agreed with ur view...
since last week, I can't spot any clear pattern where GJ is heading
seems like it maintain the range between 151.00 - 148.00

So either quickly catch some pips while taking advantage of it's ranging mood, or be prepared for a shocking breakout of continuation of existing major trend?

I would prefer taking small pips between range...
if waiting for bigger pips, need to secured with +ve SL or Trailling Stop... but this u may earn big or didn't gain anything if hit +ve SL

GJ seems a bit hesitant to break 150 mark..

small pips in range between 50 - 80 pips...

pausing on trading GJ for now

I'm feeling GJ is trading in more tight range day by day...
yesterday, to get decent 50pips also really hard...
it's moving in between 30pips most of the time...

too bad all my positions yesterday TP 50-70pips... none hit, stop by SL

As before... the calm before the storm...

>>I think GJ's direction will be decided on wednesday (on your big news)

yeah... I guess the storm will be tmr BoE meeting minutes

I wonder which direction GBP will go... GU showing rising wedge... which represents a drop soon, while GJ is in a symm. triangle... whatever it is, I believe the direction of pound will be decided later at 5.30pm...


GBP Direction: Down(65%) or Up (35%)