GBP/JPY...Ok so After a heavy correctional rally to the upside previous shorts got trapped in a tsunami of a triple combination C-wave correction ending with an elongated triangle that caused havoc completing its wave-e over large time periods to satisfy the previous waves simplicity..
Those shorts trapped may still have hope and as we continue our trending impulsion to the downside...
Whilst shorts got emotional and cried Longs laughed.. (me too).. But did those long laugh to hard and act out of greed?? Or were they mistake that after completing the triangle there would be an x-wave which would link on to an Impulsion downward!??
We shall see.. Stranded shorts we are sending reinforcements longs get out it's your last chance!
Remember this idea is based of my analysis solely which is EW using the Neely method and I do not invite actual orders based solely of the information I provide... It's just my perspective ;)...
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So.. What I, meaning me lol.. is doing is Setting at break even at my open 144.850. If I hit that stop its fine I can re-enter after quick evaluation of the wave-2 correction in commencement. It just means that it's not complete.
I will then look to take profit @ 144.230, 144.730, 143.116.
Rem this will only lead onto a wave 4 correction which will be of larger complexity so I will look to scalp the retracements there and prepare for thewave-5 finale and so on..
The current 1.618% target is only a guide given current circumstances but this wave 3 could extend as far as 2.618!!
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Further observations!.. The true nature of this beast will be revealed once the RSI crosses over the 80 form bottom to top and the stoch lines are crossed above the 70 extremities...
Trade closed: stop reached
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But I am break even so its all very cool... Now I will set a buy order at my previous breakeven 114.850...
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No No.. Sell order* Correction to previous comment! I DO BOT WANT TO BUY HERE!
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My apologies.. think battery's running out in this keyboard goodness... To make clear what I was saying was I will now set a sell order at my previous breakeven which was hit... I DO NOT BUY here!
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Still braced for entry... I am still looking at an order being activated as mentioned above.. Notice the indicators preparing for a downside surge.. Fingers crossed this is all we will need now to turn this over..
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If the top breaks I will be looking to completely re-evaluate the structure as implications must be in effect and will call off the trade.. This is the great thing about EW.. You can very easily stay out of a trade and reposition yourself once further price information is available.. Points of invalidation are plentiful and a friend to my entry procedures...
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Heading back for the but stop ;)
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Trade closed manually
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Trading closed as you know when we broke even.. I have now updated and revaluated my position.. Please follow from here if you like.. On to the BUY STOP!...
Trade closed: target reached
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we are laughing all the way to the bank on this one guys so now 2 of our 4 TP have been hit so move stops accordingly.. Absolutely beautiful trade!.. Anyone following along, I am happy we took this one to the floor... But not over yet so stay focused...
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Trade closed: target reached
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OK guys all three TP targets hit we now look for retracements and further downside movement! I will close this trade now as we did amazingliy and we shall go to the next phase and llok to BUY and re sell!.