GBP.JPY

[dumbass]

afternoon guys

gbpjpy buy

divergence on q stick

currently entering a c wave which looks good for 900 + pips maybe even to gartley target

hammer and spinning tops

currently entering on wave 2 retracement which may go down to 208 - 208.50

risk limit bottom of hammer 206

[arco]

[roddy]

hI DB
heres my 2 cents worth

[arco]

Hi All

Certainly the Ninja Beast should fall 500-700 pips, Not sure if its
quite ready to turn yet, so it depends on your appetite for risk
in the absence of a confirmed reversal pattern.............

Scaling in could be one option, but this will require large stops and
nerves of steel

arco

[dumbass]

if i was making a market i would try one final move higher taking stops above trendline

i have entry allowing for a terminal thrust higher to 217 but feel top maybe already in

[peat]

depends on your appetite for risk
in the absence of a confirmed reversal pattern.............

Scaling in could be one option, but this will require large stops and
nerves of steel

arco

strict moneymanagement.
smaller positions if necessary.
and good medication.

[dumbass]

Hi All

Certainly the Ninja Beast should fall 500-700 pips, Not sure if its
quite ready to turn yet, so it depends on your appetite for risk
in the absence of a confirmed reversal pattern.............

Scaling in could be one option, but this will require large stops and
nerves of steel

arco

hey arco, would you mind sharing some thoughts on what you would deem 'confirmed reversal patterns' on this example that would give you the green light to short

thanks paul

heres an updated chart

i guess the most obvious would be the break of the lower trendline and a confirmation of polarity change .....but ill just shut up and see what the boss says

[arco]

Hi DB

One reasonably conservative entry would be on a TL break and confirmed polarity test, then buy on break of last pivot low.

There are many other slightly more aggressive entries such as watching for old support to become potential resistance (check current 4 hour chart). Again for safety one could wait for a lower high pivot to form on smaller time-frames and check for added confirmation divergences on lower pane indicators.

Or if you are feeling very aggressive - scale in slowly based on EW counts and/or Fib points.


rgds - arco

[arco]

DB

This is what I was looking at last night on the 4 hr.
Potential resistance at purple lines and Gartley targets.

arco

[speres]

some decent action last few days, maybe a trend change....been on hols this week would have gone long on the shakeout bar, with the strength in the background, and a support area.....(dailys) what a week to holiday....