TIME
GBPJPY long idea 4H after correctionThe 0.618 retracement of the up impulse has appx. same level as the 1.272 extention of the first corrective downmove. this area gives me a high chance of reversal for the upside.
stoploss level must go at least 10 pips below the beginning of impulse (124.60 something).
very aggressive traders may watch for reversal candle at the given time and level and then place stopp below that candle.
good matter would be to wait for break out of the correction and a little flag down and then break of that flag but this needs patience! still the best way to do.
take profit somewhere around 152.00
my time projection vertical lines give me an additional clue on the "when" (timing) which is good thing to know.
this is not a trade call. you are responsible for everything you do in life! enjoy anyway!
leave a comment or7and like the idea.
EURGBP soon to go for UPmy time projection gives me an additional clue that a change of direction at the red vertical line is in the making.
i look at the corrective structure as one that may likely prepare the way for up move.
it is likely that the already saw the first whole move down in that corrective structure (you may call it A to B wave + B to C) and now up (light blue arrow scenario)
another scenario is that we only hat the A to B and again measure the 1.272 extention of A to B down and then up.
let a flag above the correction's trendline confirm your long / buy entry.
in any case your stop should be below the lower ascending longerterm trendline to be save for this long idea in general.
target may be around 0.90
(this is not a trade call. you are responsible for what you do. dont risk more than 2% of your trading account's money for your stoploss!)
good luck!
USDJPY UPDATE. Wave count and daily major time projection.Potential W4.0.236 Simple correction.still ablove the 1x1 angle.
GBPJPY - long - The Beast may end the correctionThe Beast may end the correction this week.
My analysis is based on time projections and on important structure observations to the left.
For entry use some price action potentially soon to come (e.g. bullish candle formaion in 4H-chart)
Stoploss 10 pips below that price action signal.
Next target: 154-156 Something is going to happen end of the months around the red vertical line in the target box.
* this is not a trade call!
* it's your own risk which should not be more than 1% of your account in this trade.
