EverythingForex

GBPJPY: A Good Long Opp Before A Mighty Drop! Banked +1379 pips.

FX:GBPJPY   British Pound/Japanese Yen
1263 3 19
Short-medium term bullish . That is the condensed version of what I am seeing in this pair. Long term? Very bearish! Let me explain why. First, I'll describe how I managed to pick out a trade that netted me and my subscribers a cool +1379 pips in 3 days. This way, not only can you learn how I spot trades but also what this pair is doing at the moment.

ANATOMY OF THE TRADE
I labeled the lows as the end of the wave 3. Then obviously what follows is the wave 4. As prices started up from there, it formed a up trending TL. You can see that there was a clear 5-wave wave (a) and then a clear 3-wave wave (b). This was a good clue to me that this was going to be the most common retracement pattern: the 5-3-5 ABC zigzag. Knowing that, I was now looking for a 5-wavve wave (c) up. I watched as the wave (1) of (5) developed and then saw an expanding diagonal wave (2) start to form. From there, I knew EXACTLY where I wanted to take a BUY....when that expanding diagonal completed and prices hit that up trending TL and then broke through the upper TL of that expanding diagonal. I was just patiently waiting for these things to come together and execute my BUY trade. That happened on Jan 28th and I placed my BUY order and bought 4 contracts @169.700. Placed my stops below the bottom of that expanding diagonal just in case my counting was wrong and just sat back and watched. There is also this POSSIBLE Bat that was now in play and this trade would follow the bat's CD leg up as well. I placed my TP1 at the .382 retrace of that entire previous down trend. Three days later...BAM! Prices popped up and hit my TP1 where I closed out 2 of my full lot contracts for a cool +752 pips in my pocket. I then moved my stops to B/E so now, I would make +752 pips no matter what else happened. I was now in a "no-loss" trade. So I watched as prices could not break above that .382 retrace and started to pull back. As it pulled back, I decided that I would close another one of those full lot contracts and closed another one @172.970 for another +327 pips in my pocket. Letting the last contract ride, I saw prices not moving forward and just stalling and more pulling back so I decided that this move up was probably the end of wave iii             of 1 of (3) and we would be seeing a wave iv of 1 of (3) pullback now so I closed the last full lot contract @172.720 for another +302 pips for a total of +1379 pips just in this "small" move! The result? I pocketed +1379 pips which on 4 FULL LOTS is over $13K in profits. My members who followed my trade had similar results. Wouldn't you like some of that?

WAVE COUNT
If you followed the progression of my trade story above, then you already know what my wave count is. But just in case you don't follow, price should now be in the wave (3) up. Within this wave (3), it is probably in the wave iv of (3)/

PATTERNS
Just one pattern that matters at this point, that POTENTIAL Crab . Click on each chart below for more analysis:

DAILY CHART - The BIG Picture And Why I Am BEARISH Long Term
GBPJPY: Daily Chart


WEEKLY CHART - The Top Must Be Tested!

GBPJPY: Weekly Chart


MONTHLY CHART - Much More Correction To Go
GBPJPY: Month Chart


WHAT TO EXPECT
Still in the wave (3) up. Expect prices to decline back down short term in a wave iv of (3). Should end near the ending of wave i of (3). Then prices should shoot up in a wave v of (3) which should end near or at that MAJOR SR Structure Zone looming above.

MY TRADE PLAN

Waiting for a BUY setup to go long. If everything unfolds accordingly, this wave v of (3) up will be worth another +1300 pips. Want some of that? I just gave you everything you need and told you what to watch for but if you want to know when I pull the trigger, get my signals. +1300 pips should be more than worth it!
BIG NEWS! Want a FULL WEEK of FREE ACCESS to my member's charts & analysis? If you want it, PM me! Also, for all who PM me, you will be entered to win a FREE MONTH'S Subscription! PM me for details!

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*DISCLAIMER:
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!

If you like my posts and find them helpful, please take a second to hit that LIKE button and follow me so I can know my post was helpful to you. As always, any CONSTRUCTIVE comments are welcome whether AGREE or DISAGREE.

Though I may not post here quite as often like before, I do continue to post much more to my own Facebook group (where I can BAN any TROLLS!). So if you would like to continue to see more of my posts as well as some of my trading tips, join my Facebook group at: www.facebook.com/efxselect

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Reply
mskv21 PRO
10 months ago
Looks very neat and makes sense. I'll keep an eye on it and your future comments. Thank you for sharing your idea.
Reply
forexmech
10 months ago
Thanks for this one.
Reply
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