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.
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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)
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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.
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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
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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)
What if the current DE segment is in fact the 1st wave of a bullish Elliot wave?...could we see a change of direction? Is this a possibility? I am new to this, just learning. Can someone advise, thanks.
melvinljw
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Pretty unlikely. If any, the 1st wave could possible be the AB segment. In that case we should see a retracement to 142 area before breaking above 148 @RaffaeleMagri,