IvanLabrie
Short

GBPJPY update: targets

FX:GBPJPY   British Pound/Japanese Yen
An addendum to my previous 'Waiting for the perfect short' chart.
This chart describes the different projection techniques that I used to determine targets and potential retracement zones in this pair.
I'm short from 177.569, with a break even stop and will scale in every chance I get.
This corrections will be easily foreseeable using time at mode in lower timeframes, and I'll update with them in due time.
I expect to hold this trade open until the weekly signal expires at least.
Will publish a new chart, seems like the move up from the lows has been a 5 wave rally with an extended fifth wave.
These tend to call for a retracement to the 5th's sub-wave ii, and eventually wave 4.
Rgmov is printing very bearish divergence vs price in the 4h chart too, a great signal in its own right.
Looking for a short position on Sunday open.
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snapshot


Opened short near the top. 15m shows an ending diagonal triangle, and after one of the time targets expired.
Price Extreme price targets weren't reached yet, but I suspect they won't for now.

Aiming for a mode retest at 177.8.
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IvanLabrie PRO IvanLabrie
As expected, we have 5 waves up now, with wave 5 being roughly equivalent to wave 1 in price.
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IvanLabrie PRO IvanLabrie
snapshot


Longer term target still valid, first one exceeded, with time left in the counter.
Watching price action for the short. Rgmov suggests a move higher.
Price is at the level of a lower degree's wave 4 now, which is a steep but valid retracement in EW terms for an expanded flat wave 2. We have to monitor crude and the Nikkei chart closely here, the short side offers tremendous opportunity once wave 2 is complete (IF the count is valid).
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IvanLabrie PRO IvanLabrie
snapshot


Added a daily target as well. Worth watching all these dates and prices for a reversal. If I get offered with a short in 2 bars, I'll take it, but keep in mind the other potential targets.
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As the Nikkei moves up, I expect this pair to complete the impulse in wave 2's C wave soon.
snapshot
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Waiting for today's bar close to enter short again, this pair has been a pain, but the wait is worth it once the move I await explodes down.
snapshot

This might have been wave 2 all the time...an expanded flat.
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IvanLabrie PRO IvanLabrie
I suspect we lack a new move up as the fifth wave of that C wave in the expanded flat.
Rgmov hints at higher highs in the 4h chart.
I'll wait until the cadjpy and crude oil timer expires to short *jpy pairs.
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I covered 75% of the short after reaching stop distance + a slight profit buffer.
Moved stop to BE now, I suspect there is a small move up pending in *jpy pairs, might be Nikkei's 5th wave inside the 5th (which if you look at my chart below, you can see that needed to reach a certain price level to be considered 1:1 with the 3rd wave, which didn't happen)



Maybe it's already complete and this is just a retracement, but I'd rather protect my profits and scale in after being risk free.
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