GBPJPY NOT A REGULAR PATTERN BE CAUTIOUS
THE NORM IS TO LOOK FOR 78.6 OR 88.6 x-d WHEN TRYING TO DETERMINE A PULLBACK, WITH THIS PATTERN MY ADVICE IS THAT YOU WAIT. IF YOU ARE ALREADY IN THIS POSITION FROM LAST NIGHT'S BEAUTIFUL ENTRY, THEN YOU CAN HOLD OUT A BIT LONGER, OR CLOSE AND WAIT THAT'S UP TO YOU. USING PHI ANALYSIS, I GOT A PULLBACK AT 172.97, SURPRISINGLY IT CORRELATES PERFECTLY WITH THE DOWNWARD TREND LINE. ANOTHER FEATURE OF THESE TYPE OF PATTERNS ARE THE SYMMETRY IN THE TREND LINE OF A-C, AND X-D, PLOT A TREND LINE FROM A-C AND EXTEND IT A BIT, DRAG THAT SAME TREND LINE AND POSITION THE FIST POINT ON X AND YOU WILL NOTICE THE D POINT FALLS IN LINE WITH THE MAJOR TREND. EVEN IF WE GET A PULLBACK BETWEEN 78 - 89%, IT'S NOTHING TO TOAST. THIS CHART IS JUST A GUIDE TO INFORM IF YOU ARE THINKING ABOUT ENTERING INTO A REVERSAL. i'D ADVICE TO WAIT A BIT. IF YOU ARE AN AGGRESSIVE TRADER, THE OPTION IS TO BUY NOW AND CLAIM THE 61.8, AND SELL EXACTLY AT THE 61.8, I THINK IT'S GOING TO BE A VIRGIN TRADE, SO LIMIT MIGHT BE NECESSARY. THE SAME GOES FOR EURJPY, WHICH I WILL LOOK AT NEXT.
GOOD LUCK.
GOOD LUCK.
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