dojitrader
Short

Once Again A Possible triangle e Wave entry . . .

FX:GBPJPY   British Pound / Japanese Yen
278 20 5
Price action since the impulsive highs has been
overlapping and corrective - possibly creating a
huge double zig zag with potential short entry at
the start of a final C wave down. Low risk to know
if I'm right or wrong with stops just above the triangle
highs. Reward is Big if this works out and C = A.
I've been trying to catch a triangle e wave 2 or 3
or is this the 4th time lately to only find myself standing
at the station while the e wave takes off ahead of my plan.
Maybe this time ???
Stunned !
Simply Stunned !
Went to bed +100 pips thinking I'd caught at least a 400 pip trend
then wake just in time to see this ~~~~~~~
I have no clue . . . . Baffled !
If this is not a trend continuation triangle --- What Could It Be ?
I guess the good news is that my new trading rule keeps working.
Stunned !
Reply
Perhaps another chance for entry:
snapshot

Drilling down to the 1hr time frame this might be one last a-b-c
to complete a more complex triangle wave e.
If this little a = c then the target is around 169.65
That puts it just above the triangle trend line BUT,
still below the larger Wave C for a valid trade.
If it gets there the risk a almost nill as anything above C
would make this wrong and something I don't recognize !
Maybe one last chance ??
I've got no guts for a limit order so I'm watching the candlesticks
for lots and lots of help.
Reply
dojitrader dojitrader
Well, got my fill @ 169.62 and I'm sweating bullets, even though it's only
a 20 pip or so risk. (that's a good sign) the bullishness has me filled with
concern. Is this a triangle or not ????
Reply
FaultyKid dojitrader
whats your stop loss on this one? I just jumped in with you,at 169.507 but also concerned with GBP bullishness!
Reply
dojitrader FaultyKid
I'm using the same stop as indicated on the chart @169.768
However, if this current hourly candle finishes as a shooting star
I'm thinking of moving the stops to 169.719
I might even add to the position.
Reply
dojitrader dojitrader
So close to being a shooting star - even a gravestone doji at one point - on the hourly chart =
and we get a spinning top. Granted it does have a long tail or shadow or pin,
but it's still a spinning top and thus is more neutral than bear or bull. Thus It would not
surprise me to see a test of the highs and maybe even a few pips higher.
Stops remain @169.768 For now I'll resist the temptation to be a pig an add
to the position. Everybody knows what happens to pigs ~~~~~
Reply
dojitrader dojitrader
the bulls and the bears are having quite a battle !!!!
To bad the only thing that tells us is that we picked the
right place to place our bets. I have no clue what the
outcome will be ~~~~~~~ I've just placed my bet
with the probabilities.
Reply
dojitrader dojitrader
Can't claim victory yet, but, in accord with my new trading rule ---
When a trade reaches +60 pips but has not reached target 1,
move stops to break even +3 to cover spread. I'll give back 60 pips
but not 76, in this case, to try and make 120. Moving stops to 169.59
and looking at 168.00/30 as 1st profit target.
Reply
Nice one.. I noticed this trade too late. I would've jumped in with you if i had noticed it earlier.
Reply
Left at the station - AGAIN - and this time, running down the platform,
reaching out for the handle and wishing I had not cut my finger nails.
So close, I missed my entry by 1.5 pips, and being asleep could not
jump in anyway. Geeeeezzzzz !!! Maybe the candlesticks and a
retracement will give me another chance to jump on board without
chasing the trade into needless loss.
Reply
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