GBP/JPY Technical Analysis

[Jebatfx]

Unless we have a true breakout to the bullish continuation line 4, I believed we shall see a retracement phase to complete wave 4 and later a bullish continuation to complete wave 5 for this week with condition the retracement critical line is not been taken. Please study all possible counts and my previous Pre-Market Overview post. Please wait a good signal from BSTS before making any new entry. Good luck for this week trading.

[Jebatfx]

At this moment, price moving downwards performed a bearish trendline channel. Therefore, got 2 possibility which is either abc in magenta or abc in cyan. I’m waiting for a bearish continuation or a bullish reversal signal from BSTS. Tips -Please wait for a complete bullish reversal signal from BSTS before making any entry later. Good luck.

[pakiestra]

I am a newbie here but quite impressed by yours Elliot's wave experience. Could you just clarifiy to me what is the BSTS stands for and what sort of signal is that. Where can I find it ?
I would be grateful for any help
Regards

[Jebatfx]

Originally Posted by pakiestra

I am a newbie here but quite impressed by yours Elliot's wave experience. Could you just clarifiy to me what is the BSTS stands for and what sort of signal is that. Where can I find it ?
I would be grateful for any help
Regards

hi,

BSTS aka "Bujang Senang Trading System" is a trading system that I setup to asisst me during forex trading. Its is custom made trading system which is consist total of 12 set indicators. This system is part of my syllabus in my forex workshop. And this system, can only be use together with an Elliot Wave knowledges.

have nice day and good luck.



At this moment, we have 2 main possibility which either this downtrend refering to wave 4 or just only a. The strength and volume preferably indicates for wave 4 but it just look to simple for wave 4. But overall, unless the retracement critical line is taken, this wave 4 scenario would still be valid. Expecting for a bullish reversal signal later from BSTS for wave 5. Please take notes for all the critical lines. Good luck.

[Jebatfx]

I’m still waiting for a bullish reversal signal from BSTS. Therefore, I indicates the suggested possible bullish reversal count for wave 5 later if VALID which is either the cyan or magenta count. Please make a long entry only if there is a good signal from BSTS. Otherwise, we may see further bearish continuation later. Also just to remind, wave 5 could be a truncated wave (yellow/magenta count). So its not necessarily if the price start to bullish soon, it will follow the white/cyan count. Good luck.

[Jebatfx]

At this moment, we have 3 possibilities which is :-

1) Wave 4 is completed - wave 5 in progress favourably in yellow count.

2) Wave 4 is completed - wave 5 in progress favourably in white count.

3) Wave 4 still not complete - in cyan count

So, please becarefull until we can see the real trend later. Good luck.

[Jebatfx]

At this moment, the scenario still like my previous forecast (yesterday update #2). Please refer from BSTS 3 for any continuation signal and BSTS 2 before making any entry. Good lucks.

[Jebatfx]

At this moment, its look like wave 4 still in progress and not complete yet. Is either favourable to count in cyan or yellow. Therefore, advisable to wait for signal from BSTS 3 and BSTS 2 for any bullish continuation signal later. Otherwise if the price break my retracement critical line, then we shall see a different scenario. Good luck.

[Jebatfx]

At this moment, price moving inside my teal triangle and I’m waiting to see any breakout to determine which count is more preferable. I believed most probably wave 4 is a truncated wave and this could apply same to wave 5 later. Please do an analysis to BSTS 2 - Daily to assist you in having a bigger pictures what is the next major trend would be. Please wait for a good signal from BSTS before making any entry. Good luck.

[Jebatfx]

At this moment price looks like going to make a breakout to the lower teal triangle. Either its a true or false breakout, we only can determine later. I came out with new alternate count which is in magenta. So its better to wait for a real trend to be unfold and any good signal from BSTS either a bullish continuation or a bearish reversal. Good luck.