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.
If you're interested in joining my trading newsletter or private lessons, message me. I trade Forex, Equities and Commodities. Contact: skype @ ivanlabrie, PM here or QQ (2954487803).
IvanLabrie
2 years ago
Scaled in at 176.58.
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IvanLabrie
2 years ago
Wave 1 of this new decline is complete, and retracing in a zigzag correction.

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We can fade this rally's top, which I project to occur in 3-4 hours and reach the 177.28-45 mark.
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shayalmathew
2 years ago
Ivan, how long this up trend will continue? still you think trend is bearish?
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IvanLabrie shayalmathew
2 years ago
We did reach my correction top, hope you took a short there.
The trend will continue as per my chart above.
I expect to hold and add during 3 to 5 weeks, maybe a bit more...time target is max hold until June 15th.
Now we will see a very strong move down if my analysis is correct.
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IvanLabrie
2 years ago
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IvanLabrie
2 years ago
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IvanLabrie IvanLabrie
2 years ago
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Are you basing your short on the W1 bearish bar? Very valid and a lot of downwards potential. So sad i was stopped out last night now i looks like its just going to proceed downwards after closing me out. Feel like shorting it again now.
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PriceActionTrading PriceActionTrading
2 years ago
Really worried about this GBPJPY trade since it could either way the way i see it.
So worried but so tempted.
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GBP is too strong...?
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IvanLabrie
2 years ago
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Update, waiting for this target to expire or be reached to short again.
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IvanLabrie
2 years ago
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Probable to see bearish momentum to kick in after today's close, since I don't think we will reach the target in time, sending price down, fast.
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IvanLabrie
2 years ago
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)

Nikkei: Update


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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PriceActionTrading IvanLabrie
2 years ago
Good job. GBP seems too strong last week. could go either way now. bullish engulfing on W1. nothing to scoff at. unstable pair.
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IvanLabrie PriceActionTrading
2 years ago
I'm 90% sure of the direction, just waiting for the completion of this correction up.
NZDJPY shows the same behavior, potentially one more leg up in smaller tf before the big drop.
Also agrees with my euraud short working, depends on aud/nzd/gold strength to work, that wouldn't work so well if nzdjpy and audjpy/audusd, etc go down...don't you think?
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PriceActionTrading IvanLabrie
2 years ago
Yes i agree with NZDJPY.
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IvanLabrie PriceActionTrading
2 years ago
It might be a very large short if confirmed. Similar to the SPX500 chart.
Check this out too:
CADJPY: Update
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PriceActionTrading PriceActionTrading
2 years ago
Actually on second though. NZDJPY looks like a pretty good sell now. oversold RSI signal with RSI divergence.
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IvanLabrie PriceActionTrading
2 years ago
Yes, but it conflicts with my fundamental/correlation/relative strength intermarket analysis view, and with euraud in particular, which is working...also nzdusd seems to have one more leg up.

Check this EW count of the last moves in audusd:



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IvanLabrie IvanLabrie
2 years ago
AUDUSD: Update
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IvanLabrie
2 years ago
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.
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This might have been wave 2 all the time...an expanded flat.
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IvanLabrie IvanLabrie
2 years ago
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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IvanLabrie
2 years ago
As the Nikkei moves up, I expect this pair to complete the impulse in wave 2's C wave soon.
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IvanLabrie
2 years ago
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IvanLabrie IvanLabrie
2 years ago
As expected, we have 5 waves up now, with wave 5 being roughly equivalent to wave 1 in price.
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IvanLabrie IvanLabrie
2 years ago
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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 IvanLabrie
2 years ago
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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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IvanLabrie
2 years ago
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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
2 years ago
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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