GBP/JPY Technical Analysis

[TheRumpledOne]

"On the thread you started "All you need to trade is a horizontal line" it would be nice to see an analysis of that breakout chart to know where you would have gotten in & why. I already know where jebatfx, james, tymen and others would get in because they have explained it clearly on their threads."

You enter at the HORIZONTAL LINE with the H1 CANDLE COLOR.

I know it's "too simple". The more you know, the harder it is to understand.

As far as the other indicators, they display statistics so you'll know when something is "out of whack". But you don't need any of them to trade.

There is no "breakout chart", only horizontal lines.

I can tell you right now, if the H1 candle is green, I am going long at the line. If the H1 candle is red, I am going short at the line. THERE IS NOTHING ELSE!! So it's not "after the fact", it's before. If you don't understand that, then perhaps jebatfx, james, tymen and others can explain it to you.

If you google therumpledone, you'll find just about everything.

"Knowing when to fish" is based on the statistics. Some hours have larger ranges than others on average. Once again, simple.

I don't think I have posted a chart with a dozen indicators nor have I suggested that you need a dozen indicators. Perhaps my simple method won't work for you and that's ok.

[TheRumpledOne]

I will go long at the 204.75 line if the H1 is green.


I will go short at the 204.50 line if the H1 is red.




DOES THAT MAKE IT CLEAR??

[TheRumpledOne]

No volume on the upward push to 204.75 so that was a "pass".

But volume picked up on the downward push.

Just trading the candle color at the line.

[Jebatfx]

I believed market in progress to complete wave v (either magenta/yellow/white) and looking forward for a bearish reversal trend later this week. Please refer to my previous 1H PMO analysis comments for further detail. Preferably - a truncated wave v. Have a nice day.

[4xStar]

Originally Posted by TheRumpledOne

No volume on the upward push to 204.75 so that was a "pass".

So it is not as simple as 'just go long at the line', other factors have to be taken into consideration .. volume, time of day, ... maybe stochs and macd... maybe what wave it has just completed .. type of candle formation??

I think if people just start going long or short on the .25 increment lines depending on candle color at the time and ignoring all other factors, there will be a lot of carnage. Glad it works for you though!

Anyway I think we should take this to another thread, it is really off topic with regard to waves, which is what Jeb does.

[4xStar]

Originally Posted by Jebatfx

I believed market in progress to complete wave v (either magenta/yellow/white) and looking forward for a bearish reversal trend later this week. Please refer to my previous 1H PMO analysis comments for further detail. Preferably - a truncated wave v. Have a nice day.

Thanks Jeb, when you say a 'truncated' wave, does that mean it maynot reach the white v which is the furthest away .. but if it passes the yellow v, which is the critical truncated line, then it could go all the way to the white one? At each colored v level, there is a chance of it turning there instead of continuing the wave to the next level?

[TheRumpledOne]

Originally Posted by 4xStar

So it is not as simple as 'just go long at the line', other factors have to be taken into consideration .. volume, time of day, ... maybe stochs and macd... maybe what wave it has just completed .. type of candle formation??

I think if people just start going long or short on the .25 increment lines depending on candle color at the time and ignoring all other factors, there will be a lot of carnage. Glad it works for you though!

Anyway I think we should take this to another thread, it is really off topic with regard to waves, which is what Jeb does.

The topic is: GBP/JPY Technical Analysis.

It doesn't say "GBP/JPY Wave Analysis"

[TheRumpledOne]

Originally Posted by 4xStar

So it is not as simple as 'just go long at the line', other factors have to be taken into consideration .. volume, time of day, ... maybe stochs and macd... maybe what wave it has just completed .. type of candle formation??

I think if people just start going long or short on the .25 increment lines depending on candle color at the time and ignoring all other factors, there will be a lot of carnage. Glad it works for you though!

Anyway I think we should take this to another thread, it is really off topic with regard to waves, which is what Jeb does.

Yes, COMMON SENSE needs to be taken into consideration. When you know the spread is usually 1 - 5 pips and you see the spread is 10 or higher, COMMON SENSE tells you to wait. When the trading is usually moderate to heavy and you see the trading is light, COMMON SENSE tells you to wait. It was a holiday Sunday, so once again, COMMON SENSE tells you to wait.

Yes, if traders do NOT use COMMON SENSE, there is going to be a lot of carnage no matter what system they are trading.

NO WHERE DID I TELL PEOPLE TO ABANDON COMMON SENSE!!

Don't need stochs, macd, candle formation. This is a trade based on average hourly range and price action at the XXX.00, XXX.25, XXX.50 and XXX.75 levels.

Simple wave/price analysis ( higher/lower highs/lows) doesn't hurt.



By the way, 4xStar:

"People who say it can't be done shouldn't interrupt the people doing it.... "

[Jebatfx]

I strongly believed wave v in progress and looking forward for a bearish reversal signal later once wave v is completed within this few days. Therefore please watch closely the magenta and yellow count. Otherwise if there is a true breakout to my bullish continuation critical line 1, then this scenario would be invalid. Good luck.

[Jebatfx]

Expecting for a completion of wave v later, which preferably a truncated wave (magenta or yellow). Advisable to wait for a bearish reversal signal later from BSTS. Please watch closely the teal triangle for any breakout. Please noted that this scenario will be invalid if there is any true breakout to the bullish continuation line 1 later which favourably to count in white. Happy trading.