HamzaLeith
Long

GBPJPY AWESOME AWESOME BUY, PROBABLY MY BEST RR

FX:GBPJPY   British Pound/Japanese Yen
IDEA IS BASED ON A COMBINATION OF ELLIOT WAVE THEORY. MEDIAN LINE ANALYSIS AND FIBONACCI EXTENSIONS. THE RATIONALE BEHIND THIS TECHNICAL ANALYSIS IS SHOWN ON THE CHART ALONG WITH SPECIFIC TARGET AND STOP LOSS. IF YOU COPY MY SETUP. PLEASE DO SO AT YOUR OWN RISK. GOOD LUCK GUYS
HamzaLeith
2 years ago
Here is a better pitchfork (the one I published was old and not good enough), I was too excited when I saw those fibs and waves, forgot to update the pitchfork...my bad.
snapshot
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HamzaLeith HamzaLeith
2 years ago
Target is the same though
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naser_mohammad
2 years ago
Hi Hamza,
I agree with your idea but I am still conservative. I will buy it on next Monday @ 173.07 with first target @ 175.39 & SL @ 172.39
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HamzaLeith naser_mohammad
2 years ago
Hi Naser,

Good setup, good luck! Personally I am buying on the open....The RR is just too good to wait for me.
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Mazen_alhegili
2 years ago
This one of the best. Thanks Hamza. Amazing drowing.
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HamzaLeith Mazen_alhegili
2 years ago
You are welcome Thei, any time!, If you have an specific currency to analyze you can always PM me.
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vlad.adrian PRO
2 years ago
I do agree with your idea, for different reasons of course, because I use a different system. I do believe though that the stop loss is way to close. For this type of trade, I preffer a soft stop, I usually use those when I trade forex. Good luck!
+1 Reply
HamzaLeith vlad.adrian
2 years ago
Thank you Vlad, it is all or nothing with that stop loss: why? If that wave i is retraced into that means GBP is going down big time!! This one of Elliot's major rules and it has to be respected for that last impulse to be valid, Good luck
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justatrader PRO HamzaLeith
2 years ago
I have to agree with vlad.. Stop is just too close. I have a GBPJPY wolfe wave chart which is targeting 171.9. Weekly candles point to a small term correction to the downside. What price level do you refer to that will indicate a wider downside move??
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HamzaLeith justatrader
2 years ago
Hi justatrader, it is not that I want to keep my stop loss so tight to make more profit or that I've chosen it randomly. From what I have seen with countless elliot waves during screen time and as the major rules of Elliot state: wave 4 may not retrace into the area of wave 1 (especially at the end of an impulse). IF price would touch my stop loss, that would tell me that the impulse has ended and that price will drop as you suggest. When that happens I don't to be in this trade anymore, I'd be happy to take that insignificant loss and move on to the next trade. You have to have a strict set of rules when it comes to execution. In this case this tight stop loss complies to those rules. Cheers
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Mazen_alhegili HamzaLeith
2 years ago
All or nothing, I liked the tight SL.
+1 Reply
senyor
2 years ago
Best Playbook ever seen
Simple easy and USABLE..
Keep it up... Good work (Y)
+1 Reply
HamzaLeith senyor
2 years ago
Gracias Senyor :D. Good luck!
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alste. PRO
2 years ago
WHY ARE YOU SCREAMING!!!
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HamzaLeith alste.
2 years ago
hahah, excitement!
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ShymaaShaban
2 years ago
What a great analyzing , thanx for sharing ;)
+1 Reply
Ithink so .too.
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HamzaLeith
2 years ago
bye bye shorts stop losses!!
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justatrader PRO HamzaLeith
2 years ago
Well played Hamza.. I went long a while ago (based off Renko long term support at 172.917) with my stops at 172.422

But I think we are not out of the woods yet as there is a resistance at 173.422 (+/- few pips depending on your broker) which needs to be cleared. After that its smooth sailing (I hope). Fingers crossed!! There's retail sales tomorrow and Friday GDP release for UK. Hope it comes out in favor of the pound.
+1 Reply
HamzaLeith justatrader
2 years ago
Thank you, I believe the reversal is imminent!
snapshot
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HamzaLeith HamzaLeith
2 years ago
Ive been noticing (back testing confirms this strongly) that head fakes usually occur during news releases!!... check this idea...
EURUSD GOING UP
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HamzaLeith HamzaLeith
2 years ago
this one is from ECB announcement when everybody was expecting a stronger drop
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Mazen_alhegili
2 years ago
All the best man. I got stopped also that's fine.
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HamzaLeith Mazen_alhegili
2 years ago
Thanks bro, I am glad I kept that long position! It was a bit bad for my blood pressure though :)
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Mazen_alhegili HamzaLeith
2 years ago
Oh I'm still in. my SL at 1.72.280.
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best of luck
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HamzaLeith
2 years ago
Look how complimentary RSI and EW are
snapshot
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Mazen_alhegili HamzaLeith
2 years ago
So do you suggest to keep it?
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HamzaLeith Mazen_alhegili
2 years ago
I am keeping my long until that target!!
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justatrader PRO HamzaLeith
2 years ago
Hamza.. There's a definite move to 172.288.. The move is to the upside alright.. Its very close to your stops (mind the spread??) I'm putting in another buy over there, exiting at 174.788
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HamzaLeith justatrader
2 years ago
Thank you, that is the beauty about alpari, very low spreads. But My s/l is that top of wave 1. It has to be
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Sinuhet
2 years ago
agree with you my friend! The bigger picture is even more interesting. Will post it if (once) we get there! Now we are really in position with good risk/reward ratio!
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HamzaLeith Sinuhet
2 years ago
Thanks, looking forward to checking it out
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Claudisimo
2 years ago
Hiy stop loss... I was really hoping this one will work
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HamzaLeith Claudisimo
2 years ago
yes me too :(, this one is invalidated!
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HamzaLeith HamzaLeith
2 years ago
if 171.937 holds...then it could still reach that target. It is not the first time that I get stopped out only to find out that wave nr 1 was a bit lower...besides I have a bullish bias on GBPUSD! in the long term if gbpusd goes up strongely the gbpjpy will follow! but for now...I am not trading this pair until things get clear!
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justatrader PRO HamzaLeith
2 years ago
And its gonna bounce soon 172.288 is where my shorts are done with and long positions being taken... Unless markets get a bit more murky.. the big drop in Dow y'day is still fresh in the mind.
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HamzaLeith justatrader
2 years ago
Lets hope so justatrader
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Sinuhet
2 years ago
Hi Hamza. Hope you are fine. What is zour view on this pair now? Move from 175.3 are 2 overlapping waves where c = 1.382*a. Could we be in 3 now?
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onali.ismail
2 years ago
Hi Hamzah, I've got to this from your latest GBPJPY analysis. Could you tell me how you knew wave 4 had completed? Its above Wave 1 sure, but how were you sure it wouldn't retrace into Wave 1. Did you wait for specific duration or await a green candle? Or did you simply count a, b and c and the green candle indicated then end of 4. Would be really interested to know. Cheers
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