Look For Selling opportunities For GBPJPY
GBPJPY
(1) Observing the higher degree I can see on (2 July 2007) WE MADE THE COMPLETION OF THE 5TH WAVE OF OUR IMPULSIVE MOVE
(2) Correction of the impulse wave started, which broke our major support trendline
(3) We are now in a downtrend market
(4) The Impulse wave of the downtrend traveled in 3 waves and formed the first base
(5) which then started another 3 wave correction to the upside which traveled in ABC and formed Wave A
(7) This then creates a market structure for a Descending Triangle Correction Wave
(6) Prices than on proceeded to started another decline which formed a smaller degree A (12 Sep 2016) and B wave (12 March 2018) now we are on a downward impulse move which will form wave C which will complete our higher degree B wave on our Descending Triangle pattern
Recommendation from Sicelo Khumalo
Director at Fx Global Avengers Trading Academy
.......................................................................................................................................................................................................................................................................................................................................................................................................................
Look for sell positions on the downside
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(8) Observing the Daily time frame the motive move downwards from the smaller degree wave B created an Expanding Triangle pattern which is in our overall downtrend
(9) We have just completed the 5 waves which form the pattern and now markets look like they want to complete the pattern with a bearish breakout
Note: Triangle patterns
An ascending triangle can give a bearish breakout based on the Elliot wave’s cycle.
Likewise, the descending triangle can too give a bullish breakout.
Features of Triangle pattern
The triangle wave contains 5 waves. Here, each wave can and will overlap each other.
In a corrective triangle wave, each wave is 61.8% retracement of the preceding wave (except for the expanding triangle pattern).
The fifth wave tends to make a false breakout in the opposite direction before resuming its trend.
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Recommendation from Sicelo Khumalo
Director at Fx Global Avengers Trading Academy
On the H4 chart
Look for sell positions on any pullback and hold the position
Market execute sell @141.8521
sell limit @142.058
TP other ends of Triangle but we are going to break it so Trailing stop loss should be used
SUPPORT OF OUR FL PATTERN IS BROKEN INDICATING A REVERSAL TO THE DOWNWARDS, BEARS HAVE TAKEN OVER
(1) When prices created wave 5 in our expanding triangle it marked the end of the corrective move and the start of the corrective move to the downside to form B
this is going to be our long term outlook
(2) Before our move down I see a head and shoulders pattern formation which has formed near the resistance level of our Expanding Triangle formation
(3) If prices get rejected then we may see downwards pressure but if they break our right shoulder then we may see prices rally at 148.000 and above but you have to project the length of the shoulders to get the TP and length of the head to get the full range.
(4) Observe and see what price action does.
(1) Observing the higher degree I can see on (2 July 2007) WE MADE THE COMPLETION OF THE 5TH WAVE OF OUR IMPULSIVE MOVE
(2) Correction of the impulse wave started, which broke our major support trendline
(3) We are now in a downtrend market
(4) The Impulse wave of the downtrend traveled in 3 waves and formed the first base
(5) which then started another 3 wave correction to the upside which traveled in ABC and formed Wave A
(7) This then creates a market structure for a Descending Triangle Correction Wave
(6) Prices than on proceeded to started another decline which formed a smaller degree A (12 Sep 2016) and B wave (12 March 2018) now we are on a downward impulse move which will form wave C which will complete our higher degree B wave on our Descending Triangle pattern
Recommendation from Sicelo Khumalo
Director at Fx Global Avengers Trading Academy
.......................................................................................................................................................................................................................................................................................................................................................................................................................
Look for sell positions on the downside
......................................................................................................................................................................................................................................................................................................................................................................................................................
(8) Observing the Daily time frame the motive move downwards from the smaller degree wave B created an Expanding Triangle pattern which is in our overall downtrend
(9) We have just completed the 5 waves which form the pattern and now markets look like they want to complete the pattern with a bearish breakout
Note: Triangle patterns
An ascending triangle can give a bearish breakout based on the Elliot wave’s cycle.
Likewise, the descending triangle can too give a bullish breakout.
Features of Triangle pattern
The triangle wave contains 5 waves. Here, each wave can and will overlap each other.
In a corrective triangle wave, each wave is 61.8% retracement of the preceding wave (except for the expanding triangle pattern).
The fifth wave tends to make a false breakout in the opposite direction before resuming its trend.
.........................................................................................................................................................................................................................................................................................................................................................................................................................
Recommendation from Sicelo Khumalo
Director at Fx Global Avengers Trading Academy
On the H4 chart
Look for sell positions on any pullback and hold the position
Market execute sell @141.8521
sell limit @142.058
TP other ends of Triangle but we are going to break it so Trailing stop loss should be used
SUPPORT OF OUR FL PATTERN IS BROKEN INDICATING A REVERSAL TO THE DOWNWARDS, BEARS HAVE TAKEN OVER
(1) When prices created wave 5 in our expanding triangle it marked the end of the corrective move and the start of the corrective move to the downside to form B
this is going to be our long term outlook
(2) Before our move down I see a head and shoulders pattern formation which has formed near the resistance level of our Expanding Triangle formation
(3) If prices get rejected then we may see downwards pressure but if they break our right shoulder then we may see prices rally at 148.000 and above but you have to project the length of the shoulders to get the TP and length of the head to get the full range.
(4) Observe and see what price action does.