GBPJPY - 4H - Small sell before continuation higher?

FX:GBPJPY   British Pound / Japanese Yen
126 6 7
The wavestructure for GBPJPY             isnt 100% clear at least from my (basic) point of view. depending on how you count you will end up with different scenarios. the most likly ones are drawn in with different colors. I personally think that we will see a break if the trendline to the upside one way or another (blue/orange) but the pink scenario is also possible. it will all come down to how the market reacts coming into this resistance zone .
However. as you can see from the chart i think a small ~1:1 sell inside the white box with stops above the X point of the gartley will always be a good idea and will most likly be my first trade of the next week.
The current up trend is a just a retracement on the weekly chart.... I doubt there's much more upside in this pair
SergeantPringles reach4thelasers
i dont know, i dont find the wavestructure on the weekly very usefull due to the market crash in 08. i personally only look on the direct higher degree wavestructure so the daily timeframe. from that point of view we did see a 3 wave downstructure. thats why im biased towards the start of a bigger abc correction here that then would at least break the downward trendline.after that we might see more downside yes. but i dont like to look too much into the future, i just look and see what the market throws at me and then decide.
reach4thelasers SergeantPringles
OK well I'm with you on the pink line :) I see nothing on your chart that supports this pair going any higher. Higher timeframe trends win over lower ones - every time. That short up-trend on the 4H will be reversed by the daily and weekly trend.
SergeantPringles reach4thelasers
thanks for the imput. guess we will see. after all im will be short anyway, so i wouldnt be too unhappy if we indeed go down ;)
Hi dude !! I see first a good reversal in the coming week till BOJ meeting and then brake out upside either by easing or by strong jawboning. !! Thanks !
+1 Reply
yup. have a similar view.
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