GBPJPY possible trade positions 1) In the worst case, price breaks out trend channel. Then we should wait for restest to the upside for entering short. 2) Sell at price close to 200 when price breaks channel to the upside 3) 4 hr Stoch too high now. So look for new high and then possible short term selling. This could retest trend line, only enter long if...
Look for new high in GBPJPY The top is approaching Using fibonnacci moving averages, a similar top happened in 1998 when EMA(21) crossed over EMA(233) This is equivalent to month average > year average
Short GBPJPY Look for wedge move 3-3-3-3 Also wave 4 was out of trend channel
GBPJPY short vs 191.5 Wedge pattern for wave 5 on 4h chart.
GBPJPY This one is more correct Wedge 5th wave 3-3-3-3 Move www.ew-forecast.com
Wedge Wave Count Ending Diagonal: A Pattern That Sends Shivers Down Investors' Spines www.elliottwave.com
BoE could be have more QE Wave counting could make match with this BANK OF ENGLAND SIGNS 10-YEAR BANKNOTE PRINTING CONTRACT WITH DE LA RUE... starting in April 2015 (when US rate hikes might start?) www.zerohedge.com
Short GBPJPY for potential double top Then retest of trend channel
If GBPJPY is not able to go above the last high at 189.46, then it is a wave 2, which could be played short. Target would be base channel. If price goes above previous high, then look for 200 level which is the superior limit of trend channel.
GBPJPY Long while price is inside "trend channel" Short opportunities are located when price is above channel. Timing fibo for next top is august. All this change only if price gets below trend channel. Please comment. Thank you.
EURUSD responded exactly at 50% retracement from 1985 Low to 2008 High A channel can be traced from 1978 High - 1985 Low - 2008 high. Channel middle line has served as support in previous years. Target for correction would be this middle line @ 1.2160
In case ECB fails next week, look for support 1.13 ---> 1.382 Fib level from last movement 1.118---> Trend line from 2000-2001 lows