StockScout

StockScout

So much for my earlier idea. However I imagine we'll have a retracement pretty soon based on this sharp rise in price.

StockScout

GBP/JPY - It kind of looks like a Bullish Butterfly is forming. Depending on how you see it you might take a short position and exit once the target range is hit and then take it long.

StockScout Updated 

Looks like divergence is forming, although this pair always seems to go against the grain.

StockScout Updated 

It looks like we are at the end of Wave 3 and possibly about to start a corrective wave (Wave 4).

StockScout Updated 

If the pattern stays true, then riding wave C is the one you want.

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Trying to break major support.

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I'm looking for a recractment to around 130.771. It seems to be running out of steam and might gap down when the market opens up Sunday evening.

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Is the pattern too obvious? Will smart money use it against us? For now, I'm short and don't want to get greedy. I'll be taking reasonable positions along the way and closing with small profits. I'll also be ready to reverse coarse quickly if this appears to be a trap.

StockScout Updated 

I like how it's following the Three Drivers Pattern. If it goes well I think it will retrace to around 130 and then a bounce back up.

StockScout Updated 

I believe GBP/JPY is trying to break the upper levels of resistance. If it breaks R3 I think it will run up into the 133 -135 range.

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Looking at four attempts to break through recent support I'm compelled to go long.

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Following the three rules of Elliott Wave and using the 4 hour time frame I believe have additional positive territory to explore.

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Keeping it simple. I like what looks like a nice solid reversal developing.

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Watch out for Bears in the woods. I see a warning flag.

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All you can really do is use the tools to increase your odds. I've revised my outlook from earlier. If this proves to be a more accurate representation of the price action, then we just need to see if Wave 5 is complete. If it retrace above Wave 3 a new trend is developing.

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GBP/JPY - Now long, looking for a reversal on the 60M

StockScout Updated 

GBP/JPY - Short with a small edge.

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I'm still in it. Although, I almost closed it out wednesday after the news release pushed it up.