In the beginning of next week I will be looking for a last leg higher for wave 5 of wave A in red. Once that is in place I will be looking for a 3 wave pattern consolidation to retrace at least 38.2% of the whole length of wave A (top has yet to be determined).
Once that consolidation is in place I will be looking for a wave C higher towards 173 and maybe even higher (this wave count can change in an impulsive 1-2-3-4-5 count).
So first things first, in the beginning of the week I like a last buy continuation trade based on lower time frames (<1hr) towards 164.8-165 followed by a correction for wave B. (wait for first impulse lower (a), wait for consolidation (b) and sell wave C (sell continuation) of wave B in red)
updates will follow.
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Once that consolidation is in place I will be looking for a wave C higher towards 173 and maybe even higher (this wave count can change in an impulsive 1-2-3-4-5 count).
So first things first, in the beginning of the week I like a last buy continuation trade based on lower time frames (<1hr) towards 164.8-165 followed by a correction for wave B. (wait for first impulse lower (a), wait for consolidation (b) and sell wave C (sell continuation) of wave B in red)
updates will follow.
www.timstuyts.com
facebook/timstuyts/
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I will update as soon as I see a clear impulse and consolidation. I personally got triggered long at 159.44 because I traded the news volatility by means of a pending order. That stop is at break even and if this is a start of the next leg higher I consider this trade a 'bonus'. However the high probability trade will present itself once we see this price action continue and consolidate. I will update this trade if that happens. If we move lower I'm protected with my stop loss and wait for the next opportunity.
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GBPJPY correction is not over yet and I believe we might test 156 before we see a reversal. I projected my wave count for buy trade opportunities. Updates will follow once GBPJPY reaches my reversal zone for a buy opportunity towards 173.
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