GBP/JPY Technical Analysis - Forex

Jebatfx · PJNet Junior Joined: Feb 23, 2008 Posts: 454

Due to the breakout of the 207.10, the previous alt count in yellow already became invalid, therefore please analyse the latest possible alt counts as stated in the chart. At this moment, price already in rejection after touch the bullish continuation line 1. If the line stay as a strong resistance, then perhaps we shall see a bearish trend either according to the alt count in yellow or white. Otherwise we shall see a bullish continuation either to complete wave c in magenta or more. Good luck.

Jebatfx · PJNet Junior Joined: Feb 23, 2008 Posts: 454

Price already break my bullish continuation line 1 and looking forward for a completion either refering to wave b in yellow or in white (triple top) or wave c (magenta). Therefore, please look for any bearish reversal signal from BSTS or otherwise we may see a strong bullish continuation to break the strong resistance of the bullish continuation line 2. Be extra carefull tonite at 8.30 pm (GMT + Cool

for the announcement of NFP news. Good luck.

Jebatfx · PJNet Junior Joined: Feb 23, 2008 Posts: 454

A breakout to my bullish continuation line 2 made my previous alt counts in yellow and white become invalid. Therefore, I need to recount another possible wave count which is refering to new wave count in white, yellow and magenta (previous). Please noted that most probably market in wave 3 (yellow/white/magenta) at the moment and I'm looking for a confirmation for completion of wave 3 before a bearish retracement to perform wave 4 and further later for another bullish continuation to complete wave 5 (an impulsive or truncated). Good luck.

Jebatfx · PJNet Junior Joined: Feb 23, 2008 Posts: 454

Until this moment, I believed market already in wave 3 extension and price just got rejection after touched the upper major green trendline. I'm looking forward for a retracement phase to complete wave 4 later before another bullish continuation to complete wave 5 (only valid if my retracement critical line still intact). Please noted that wave 5 could be an impulsive wave (magenta) or only a truncated wave (yellow or white).

Summary :

1) Preferably market will be in retracement phase to complete wave 4 before another bullish continuation to complete wave 5.
2) Otherwise if my bullish continuation line 3 is taken, then favourably market already in bullish continuation and this retracement phase would be put into hold position first.
3) Please confirm any entry from BSTS later. Good luck.

Jebatfx · PJNet Junior Joined: Feb 23, 2008 Posts: 454

I believed wave 4 in progress and looking forward for a completion of wave 4 before another bullish continuation to complete wave 5 either an impulsive wave (magenta) or just a truncated wave (yellow). This scenario would only valid if my retracement critical line still intact. Other we may consider the alt count in white. Please monitor BSTS 3 for any bullish continuation signal later. Good luck.

Jebatfx · PJNet Junior Joined: Feb 23, 2008 Posts: 454

At this moment, market got 3 possibility either to the alt counts in white, yellow (truncated) or magenta (impulsive). Advisable to wait for a good entry signal either a bearish reversal or a bullish continuation signal from BSTS later. Please watch closely the bullish continuation line 3 and the S3 line. Good luck.

Jebatfx · PJNet Junior Joined: Feb 23, 2008 Posts: 454

At this moment, overall we left with only 2 possible trend which is either a bearish reversal (yellow/white) or bullish continuation (magenta). Please watch closely the teal triangle for any breakout. A breakout to the upper teal triangle trendline and later to the bullish continuation line 3 would bolster the bullish continuation scenario. Otherwise if both lines stand as a strong resistance, then preferably to the alt count in yellow or white. Advisable to look for a bearish reversal signal from BSTS later. Good luck.

Jebatfx · PJNet Junior Joined: Feb 23, 2008 Posts: 454

At this moment, I'm looking forward for a true breakout to the lower red trendline of the new expansion teal triangle to bolster the bearish reversal scenario. Otherwise if the price break the bullish continuation line 3, this scenario would be invalid. Please noted that if the price break the retracement critical line, then the magenta count would be invalid while if the price make a breakout to the bullish continuation line 3, then both alt counts in white and yellow would be invalid. Good luck.

Jebatfx · PJNet Junior Joined: Feb 23, 2008 Posts: 454

Until this moment, the upper green trendline still intact as a strong resistance. Price already made a small breakout to the lower trendline of the teal triangle and bounce back. I'm looking forward for a further downtrend movement soon to bolster the bearish reversal scenario. Otherwise if the price make a breakout to the upper green trendline and later to the bullish continuation line 3, this scenario would be invalid. Goodluck.

Jebatfx · PJNet Junior Joined: Feb 23, 2008 Posts: 454

I'm looking forward for any breakout again to the teal expansion triangle today. Expecting to see a strong bearish breakout to be happen today. Advisable to protect your short entry by putting SL according to the upper green trendline of the teal expansion triangle. Otherwise we may see a breakout to the bullish continuation line 3. Good luck and happy weekends.

Jebatfx · PJNet Junior Joined: Feb 23, 2008 Posts: 454

At this moment, alt count in white already invalid. If the 'double top" scenario stay valid and the bullish continuation line 3 still intact, the preferably bias to alt count in yellow. Otherwise we may see a bullish continuation refering to magenta count. Have a nice weekends.

Jebatfx · PJNet Junior Joined: Feb 23, 2008 Posts: 454

[COLOR="YellowGreen"]Gbp vs Jpy 1H, 4H & Daily Pre Market Overview [/COLOR]

Chart 1H - An ascending triangle showing more bias towards bullish continuation to complete wave 5 in yellow. A breakout to the bullish continuation line 1 would bolster this scenario. But please noted that there was a good chances to see a bearish reversal trend refering to alt counts in magenta. Please analyse all the critical lines and look for any breakout of the ascending triangle before making any decission. Good luck.

Chart 4H - Please analyse both alt counts and comparing which count is more preferable from BSTS technical analysis.

Chart Daily - Overall, market still favourably bias towards a bullish continuation trend due to the recent breakout at 208.95. But please noted the possibility of the alt count in magenta. Therefore, advisable to monitor the market 1st and only making decission once the real trend has been unfold.

Summary :

1) Watch closely for any true breakout of the ascending triangle pattern and plan your trading strategy base on that. Standby for the bullish continuation breakout to perform wave 5 in yellow.
2) Advisable to wait for a bearish reversal trend later once wave 5 is completed (magenta or yellow). Preferably, look for the signal from BSTS later.

Good lucks.

Jebatfx · PJNet Junior Joined: Feb 23, 2008 Posts: 454

At this moment price already make an upper breakout of the horizontal triangle EW corrective pattern (ascending triangle) and favourably looking forward for a bullish continuation refering to alt count in yellow. A true breakout to the bullish continuation line 1 would bolster this scenario. But please be carefull for a "bullish trap scenario" refering to alt count in magenta. Advisable to wait for a short entry after completion of wave 5 (magenta or yellow). Therefore please analyse a completion signal of wave 5 from BSTS before making any short entry. Good luck.

Jebatfx · PJNet Junior Joined: Feb 23, 2008 Posts: 454

Market in bullish trend now and I'm looking forward for the completion of wave 5 (magenta or yellow) before we can see a bearish reversal trend to complete correction a, b and c. Please noted that if the price make a breakout to the green dotted horizontal line, then the magenta count would be invalid and preferably price will continue according to alt count in yellow. Tip - Standby for short entry once wave 5 is completed to perform a major a. b and c corrective wave.

Jebatfx · PJNet Junior Joined: Feb 23, 2008 Posts: 454

At this moment, market either in retracement phase to complete subwave iv before another bullish continuation to complete subwave v (white) OR already in bearish reversal trend to complete wave a (magenta). I'm looking forward for a breakout to the lower descending teal triangle to bolster either to the retracement or bearish reversal scenario. Please noted that a breakout to the bearish reversal bias line would favourably to the alt count in magenta. Therefore, please take notes all the importants critical line and confirm any preferable trend from BSTS signal. And don't forget to protect and manage your entry by moving the SL. Good luck.