FX:GBPJPY   British Pound / Japanese Yen
Idea is based on Elliott wave theory and the use fibonacci extensions. The stochastics are used for wave count confirmation. The rationale behind this set-up is shown on the chart along with specific target/stop loss. Good luck
Very good analysis.
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HamzaLeith shevectorie
thank you
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What r these boxes in price chart?
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Hamza, we have a similair view. Only thing is I'm seeing a retrace moment here.
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HamzaLeith Yahia.Awes
I honestly don't believe there is a strong retracement any more, but then that is solely based on my stochastics and the way I use them to identify corrections. Maybe something to challenge your approach: the trend line you have drawn between waves 1 and 3: it is just based on 2 points. To me that is not enough validation,why do you believe price will adhere to that "slope", there isn't enough data sort to speak. Also RSI is yielding overbought..that doesn't always mean a strong retracement is to follow. as for the MACD cross-over, even when the MACD is below the signal line, price can still go higher, it just means the momentum is slowing down. Wishing you many pips
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Yahia.Awes HamzaLeith
I believe it will go up, but first a retrace is likely.
+1 Reply
HamzaLeith Yahia.Awes
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Yahia.Awes HamzaLeith
This is GBPNZD you reply with?
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HamzaLeith Yahia.Awes
sorry wrong idea
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Yahia.Awes HamzaLeith
No problem :)
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