dojitrader
Short

3 Counts All Suggest A Short, But Where ???

FX:GBPJPY   British Pound/Japanese Yen
167 0 1
The primary count is a 1-2, however that means it could easily retrace
all of wave 1 and retest the highs.
{{or at the very least the 3 drive entry @ the .786 fib}}
IF this is a B wave a retracement between the .500 & .618
would be ideal area to short.
IF this is a 4th wave, the least likely to me, a retracement should
end about current levels - above the .382 but below the .500 fib.
Until the corrective pattern plays out it looks like smart stops need
to go above the recent highs.
Candlesticks may entice me enter with stops below and the idea
of another entry should it fail.
I talked myself out of the 3 Drive which
is easy to do when you're packing your camp gear the day before July 4th,
So, . . . I do not want to miss this second chance.
(hope that does not qualify as "revenge" trading, a sure defeat)
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