lawlee9

lawlee9 Updated 

Head and shoulders on the daily that looks to have completed it's downside move as it bounced off the 61.8% FIB. This would also be the C correction for the 5 wave pattern. We can see prices already broke back up above the neckline of the head and shoulders, so we can see moves higher. TP1 is 1.20364 to close the gap from early 2015.

lawlee9 Updated 

This is a larger time frame view of what we can expect from the GBPJPY. Ultimate target is 106.573. However, I'm looking for a retracement into the 154.655 level to get in short. I will play both long and short positions along the way, but this is just a guidance of where we're ultimately looking to go.

lawlee9 Updated 

Weekly view shows price respecting the .61885 level, which was the bottom of a range from back in July of 09. Price has been gaining traction and looks to be heading towards the top of that range at around .7600. A break and close of .72340 would confirm that idea.

lawlee9 Updated 

Price broke out of a major downward trendline, retested, and has since pushed higher. It broke out again, from a smaller parallel downward trendline, retested, and has pushed up to where we are now. The initial move already happened, so the RR isn't there for me to get in now, but if price bounces off of the 23.5% and rejects, then a move down to the 38.2% looks...

lawlee9 Updated 

On a higher time frame, sterling hit the 23.6% FIB level (red horizontal line) at 1.28500. It tested once, bounced, and then came back and was supported again in that area. I projected a FIB expecting a 5 wave pattern here. I'm expecting the 5th wave to end around 1.32399, and then fall back down to 1.255 levels before the real correction comes into play. I...

lawlee9 Updated 

Playing the correction on this huge move from Brexit. 5 wave structure complete here, but it is only a small wave from the larger picture. Once we get to 1.429 levels, I'm going to hold for a short to 1.238.

lawlee9

Touch off top of channel, so we should already be expecting a move down to the bottom of the channel. Possible head and shoulders developing here which would provide a good entry to short.

lawlee9

We have a head and shoulders on the 15 min. I entered a short on the close of the red candle after creating the right shoulder. Will take this down to the next support level, which is an area price needs to retest on the 1HR TF. I will leave a buy order to take prices higher at that retest level. I'm looking at 1.364 for resistance, but I have a feeling it...

lawlee9 Updated 

Price broke out of the wedge. Retested and also created B correction. Retest of hidden trendline could provide a good entry for long.

lawlee9 Updated 

I don't trade this, but I thought it looked interesting. Price on its way to finishing up its 5th wave. Drove up to the 61.8% FIB, and dropped immediately on the touch. We should see a move down to the 38.2% to complete the mini 4th wave.

lawlee9 Updated 

Price broke through the double top, and retested it. Look for one more leg higher to hit the 38.2% FIB from the long down move on the HTF, which also coincides with the previous high (and also role reversal level), and also the top of the corrective channel. There's a gap that has not been filled yet in that leg higher. We have bearish divergence on the MACD,...

lawlee9 Updated 

DXY has confirmed a double top, and a neckline break. However, it's hesitant to fall just yet. We can see starting from the right top, prices started a 5 wave pattern, and is now in the correction phase. We're looking for B here, which might be right at the same higher low we previously posted at 93.41. This would create a double bottom, and send price up to...

lawlee9 Updated 

Larger scale 5 wave pattern attempting to make the 5th wave (roman numerals). Smaller, still large 5 wave pattern complete (numbers). The smaller 5 wave is now looking for a correction. We have A and B, so we can measure the move for C, which would lie at around .875. The creation of point C would break through the descending trendline, which would also...

lawlee9

Large 5 wave pattern on the weekly. 4th wave isn't complete yet based on the 5 wave formation happening on the lower scale (the I series). The I4 just completed, so we should see a move higher to make I5 granted brexit doesn't happen. This is obviously high risk because brexit can change everything, but if things go accordingly, a long can be very fruitful on this pair.

lawlee9 Updated 

EURGBP broke the previous highs indicated by the rectangular box through a 5 wave pattern that also completed the abc formation as you can see from the labels. The break of the highs indicates that we can see a move higher. From a higher TF context, the abc movement was just a corrective structure to the impulse from the .72500 levels. Next logical target since...

lawlee9 Updated 

We have a large 5 wave move, and in the process of making a correction to a point C. I'm anticipating a move down to 1.193 where price broke out of that level and never retested. This is also where price would meet the ascending trendline it started back from the beginning of the 5 wave pattern. Looking to get in short at a touch of 1.28 with a stop at 1.3. ...

lawlee9 Updated 

Impulsive bear move happened at the end of last week, but this was following an even stronger bull move. Price broke out of 1.2187, and is heading down to retest it. This level is also the 61.8% retracement level of the impulsive bull move. Looking to get in long at that location to hold for new highs to complete wave 5 of the wave structure. Higher time frame...

lawlee9

Looks like an ABCD pattern is about to complete within the falling wedge. Looking to get long on the touch of the bottom level of the wedge and hold to 1.300 area. Divergence on MACD also.