Stefano
Long

GBPJPY Long Idea

FX:GBPJPY   British Pound/Japanese Yen
208 15 0
GBPJPY             made a correction in 3 waves back into the 50%/61.8% retracement area of the up move from 03-feb low to 27-feb highs.
Stop Loss is placed under the 161% fibonacci extension
What do you mean by 3 waves?
Because in Elliott terms, I think those are 5 part moves, not 3.
Reply
Stefano IvanLabrie
2 years ago
Hi Ivan!
this 3
snapshot

i am not an elliott expert, but for me this looks like a corrective pattern. i am not looking at the internal subdivision.
i see 3 swings into a 50% line retracement and a 100% fibo extension.
enough for me to try a long for at least 3 waves higher into my 1st target and BE.

What you mean by 5 part move?
do you label this move down as an impulse and are you expecting another low?



Reply
IvanLabrie TOP Stefano
2 years ago
Hi!

I cound a five wave decline after a very large five wave uptrend. So I think we will see a new leg down before going long is possible.
Considering the scale of the move that completed up, I'd be afraid of going long gbpjpy (or any yen pair).
Reply
Stefano IvanLabrie
2 years ago
Thank you Ivan for your comment.
could you kindly show me the 5 down you are talking about?
Thank you in advance.

Reply
HiTech PRO
2 years ago
It looks like most trying to catch a falling knife instead of going with the flow
GBPJPY NO SIGNS OF STRENGTH
Reply
Stefano HiTech
2 years ago
Hi Hitech, yes it looks like a falling knife... however i trade only this kind of setup and it woks fine. this movement was very similar to this one
snapshot
that happened at the end of 2014. Any way, if 161.8 will be broken, i will wait for the next 100% FE into the 170 area to be a buyer again
snapshot
.
Thank you !
Reply
HiTech PRO Stefano
2 years ago
well, the main thing is that it works for your, nothing else matters, thanks for sharing
Reply
IvanLabrie TOP Stefano
2 years ago
172 would be a very strong support, might work.
What kind of stop do you use?
Something like 1 atr stop would work well I guess, but I prefer going with the trend.
Reply
HiTech PRO IvanLabrie
2 years ago
I use stop loss based on my resistance levels, like here on chfjpy
CHFJPY CHANNEL BREAKOUT
I put it on R2, then see what happens to R1 and move it lower
Reply
IvanLabrie TOP HiTech
2 years ago
I meant Stefano's...but yeah, that's a good idea.
Reply
HiTech PRO IvanLabrie
2 years ago
ooops :)
Reply
Stefano IvanLabrie
2 years ago
Ivan, i usually place the stop at 161% .
in this setup https://www.tradingview.com/e/SfHfpXpm/ my risk will be 2.3% ( i trade 0.01 on a 3k account)
+1 Reply
Stefano Stefano
2 years ago
sorry wrong link
snapshot
+1 Reply
IvanLabrie TOP Stefano
2 years ago
Nice, I use 2.5%, but similar idea...if you think it'll head down like that, why not short it?
Reply
Stefano IvanLabrie
2 years ago
i will start to sell soon, when the 161.8 will be broken (178.16 is the 161.8% and my sl are at 178.15 it went very close on friday)
Reply
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