So you STILL doubt the legitimacy of advanced patterns, huh? In case you haven't been paying attention, GBPJPY has been dominated by bat patterns as of late and each one of them have yielded HUGE pips! We are talking THOUSANDS! Not twenty here or fifty there. Not even a hundred here and there. THOUSANDS! If you knew about them in advance and took the risk and traded each one, how hard would YOU be laughing as you went to your bank to withdraw your money! What's it worth to you to know when and where to trade them?
The beauty of trading patterns is that you have very defined entry and exit points. Combine that with a solid trading plan and you can see how powerful they can be. No arbitrary "feeling" about what to do. Just follow the chart. My trading system identifies which patterns have the highest probability of converting.
You are looking at the 4HR chart of GBPJPY with the Alt wave count and the subwaves breakdown. You can see that wave I was a 5-wave move. Wave II, though harder to count it can be seen as a 3-wave move. So the next move should be a wave III in this Alt wave count. Keep in mind that my previous wave count is STILL valid and CANNOT yet be discounted. So as prices move higher, the price action must be watched carefully in the case that the wave count is the correct one.
You can see my FULL ANALYSIS post on GBPJPY showing in details the previous scenario as well as a detailed explanation of this scenario both available on my website (Subscription required):
Scenario post here: (P) GBPJPY: Get Ready! Get Set! Ummm….Maybe Go?
Scenario post here: (P) GBPJPY: Alt Wave Count Is Becoming More Relevant. Could Portend HUGE Move!
Please keep in mind that I am not giving any trading signals or trade calls here. Only providing my own trade thoughts for your benefit and insight as to my trading technique and style. Please don't ask if you should or should not take the trade or ask for stop loss and take profit levels. Any SL or TP given on my trades are my own I have used for my trade and are not recommendations for you to use. If you are not sure, then you do not have a trading plan for yourself in place. I suggest you make one before you continue to do any trading!
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