GBP/JPY Technical Analysis

[TheRumpledOne]

Simple trend showing which way to scalp.

[TheRumpledOne]

Or we can just keep it real simple with horizontal lines and candle colors.

[Sweet Pip]

TRO, that little price range indicator beside the candles that says 205.17...is that a profit target, or the candle high/lows, or....? I'm currently long in that pair at 205.05 entry and put in 205.20 as target which is just below my R1 pivot point ...thanks.

[Sweet Pip]

Wow...nailed it... and then some!

Now I havn't been using this wolfe wave indicator very long yet, but so far it's pretty accurate as long as the wave forms correctly... to a point. If I had trusted it, I'd still be in and exit around 205.50/60. Then short again from there back down to the red line that goes from wave 1 to wave 4 which indicates a profit target which is pointing to around 204.45. Let's see...

[4xStar]

sweet pip, where did you get the indicator?

[Jebatfx]

Until this moment, price already make a false breakout to my previous upper green triangle trendline. Please noted that there got possibility that a truncated wave v already completed (magenta). An establishment of a Head & Shoulder pattern (yellow triangle x 3) and a breakout to the bearish continuation critical line 1 would bolster this idea.

Otherwise if the price going further up, then we left with 2 more possibility either the yellow count or white count. Therefore, please make an entry with SL when there is a good bearish reversal signal from BSTS. Good luck.

[Sweet Pip]

Originally Posted by 4xStar

sweet pip, where did you get the indicator?

Hi,

Sorry missed your post earlier as I was in bed. I found it just surfin' the net ...actually I had just read about them (wolfe waves), then went to find one (indicator), but couldn't. Then I stumbled across one when I was searching for something else (of course ) . Can't remember where now though.

I think most of the comments within the mql are Russian and it seems there's some unfinished code with regards to alerts but havn't got time at present to go over it.

If you're interested I guess I could upload it...

[TheRumpledOne]

Originally Posted by Sweet Pip

TRO, that little price range indicator beside the candles that says 205.17...is that a profit target, or the candle high/lows, or....? I'm currently long in that pair at 205.05 entry and put in 205.20 as target which is just below my R1 pivot point ...thanks.

The price range indicator tells you the current range, the average range, etc...

[4xStar]

Originally Posted by Sweet Pip

Hi,

Sorry missed your post earlier as I was in bed. I found it just surfin' the net ...actually I had just read about them (wolfe waves), then went to find one (indicator), but couldn't. Then I stumbled across one when I was searching for something else (of course ) . Can't remember where now though.

If you're interested I guess I could upload it...

I checked the wolfe wave website & also forex factory. It looks interesting but I could not find a current indicator and apparently there are some problems with the russian one. I started a WolfeWave thread over at Forextown to discuss this so we can leave this thread clear for Jebatfx to post his charts

[Jebatfx]

Most probably wave v (magenta) is already completed and looking forward for a bearish reversal scenario to complete wave a, b & c. But please don't forget about the possibility of count in yellow and white. Please watch closely both lower red trendlines and upper green trendline to determine which alt count is more preferable. Advisable to wait for another bearish reversal entry signal later from BSTS. Good luck.