EURJPY sell towards at least 120

FX:EURJPY   Euro / Japanese Yen
144 10 4
In my previous post I explained why I expected the new low.

We saw that new low 2016-04-08, however the bullish move after that low wasn't significant enough and I'm therefore still looking for a test of at least 120 (likely 119.70).
Bigger picture this pair is still in a consolidation and once we see my target zone get hit the reversal will most likely be fast and impulsive.


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is it possible that the correction ends in a triangle otherwise i can't label the last 2 wave with a proper counting and in my opion to much wave to be noise
unfortunaly the wave e is very impulsive i don't know if that is valid or is is valid because it is also an Z wave

thnx for your view tim :)
TimStuyts glaazie

This is how I would count it, but don't get lost in complex wave counts when the daily time frame is correcting in a complex combination. Try to keep an open mind because many traders loose a lot of money calling bottoms too soon and in the process also miss a lot of opportunities. However one of my favorite scenario's is a move lower towards 117 or even 112 without invalidating anything. So the bias is clearly bearish for me and I trade what's in front of me and like you said it is impulsive, therefore look for significant consolidations and selling the continuations will be relatively easy and provide high probability trades.
glaazie TimStuyts
the wave IV of your second motive wave overlaps price territory of wave i

the motive wave we are in now looks good tim keeping an eye on it

there are no rulez of how much a E wave may overshoot right ?

thanks for your time :)
TimStuyts glaazie
there is no motive wave, you mean wave A in red I guess. A motive wave is alway's in the direction of the main trend. I've counted this as a leading diagonal.
A guideline of a wave that overshoots is 138fib. If it goes further it is unlikely that is a wave that overshoots.
glaazie TimStuyts
thanks a lot tim i did not know leading diagonals where corrective thought there where only in a wave 5 of a motive wave

thanks for the clearification
TimStuyts glaazie
You refer to an ending diagonal. You're welcome. By the way my website will be ready this week and online the week after in case you are interested. All education and study material will be there as well.
glaazie TimStuyts
thnx tim

you are there to train traders also ?
TimStuyts glaazie
Yes it is all about context so that's what I will do. Only when traders fully understand how to look at structure and market dynamic analyses are valuable. So will be education, analyses both technical and fundamental. I will let everyone know when it is ready. But as soon as members can show me set-ups we are on our way;-)
vincentjoseph TimStuyts
do you believe in price action?
TimStuyts vincentjoseph
It doesn't really matter what I believe or not to be honest. However I like to see certain price action following certain price zones or after a certain structure. I need to rationalize stop losses at all time because of reliable risk management and structure is the only leading indicator since support or resistance can only be determined after the fact and you will suffer spikes sooner or later.. So price action alone is not enough for me as a professional trader because I demand a certain R/R, success ratio and probability. Many way's are leading to Rome, however some are more efficient and more reliable than others but this doesn't mean that a different strategy can't be succesfull. By the way the last reversal happened out of a long term determined zone, hence the levels I gave months ago.
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