Aud.Jpy is on the path as mentioned on yesterday comment. Things are on the way to hit our 1st target @ 97, we can have second target 96.50 – 96.20 area. my recommendation is to book 80% @ 97 and leave 20% for 96.20. If you are in both trades, your avg entry will be 100.325, and so you should have more than 332 pips in profit @ 97.…

Gbp.Usd started it’s correction of wave 2. Yesterday rally can be consider as first larger part of wave A, and in smaller timeframe, this can be W. Reason for considering my A-B-C count is primary is the channel. If price break channel with huge volume and heavy price action, I will consider the impulse count. But in same case and having less confidence factor, impulse count is still valid in form of nested count. Invalidation point of nested count is low of wave…

GBP/USD is well followed a path mentioned on my weekly count.

I believe, GBP/USD is now completed it’s pattern and looking for pull back here, I am building my long here. There are few reason for going long which are as follow:

• It’s having daily support @ 1.5025
• RSI already diverged
• Volume…

After having my last post on Usd.Cad, pair is trading in series of impulse waves to complete it’s wave Y. Expected target zone for wave Y is 1.0798. Pair will pause here soon on weekly resistance. RSI also start diverging. I expect pair will be in flat correction for wave iv of [3].

Recommendation: 

Long 1/2 @  1.0233; 1/2 @ 1.02150…

Aud/Jpy is in final stage of it’s triangle formation. Once pattern is complete, a person can expect a sharp thrust off towards it’s initial target of previous wave 4. For more details of target, kindly visit my previous posts. 

Recommendation: short can be build up slowly here

• 100.85 – ⅓ position…

Aud/Usd broken it’s bearish trend-line in 60min chart, while in 240min chart, it’s complete it’s ending diagonal pattern, as a part of wave v of wave [3].

I am expecting pull back here, we are looking for possible target zone in wave [4] as follow:

1) 1.0027 – 23.6% Fibonacci Target

2) 1.0085-1.0095 –…

GBP/USD is forming the bullish setup as mentioned on my earlier post.So Keeping that in mind, we require to have see 1.5700-1.5750 in coming days. Pair already confirmed the bullish idea by breaking the channel out and can label as described in below image. Any long should have stop loss @ 1.5465

On alternate idea, we can expect a flat correction, but the probability of flat correction is very…

I change label little bit from impulse wave to corrective wave, but path is still down. Once we complete wave B, aud/usd can set for lower. Any short should have protective stop loss @ 1.0370. Current price is testing the 38.2% Fibonacci level along with upper boundary of the channel. So, there are chances that, aud/usd can reverse from here, or from 50% @ 1.027 area.

 …

Current price is not bearish at all, at least on my primary count. We might see price trading above 1.56 area. On Alternate idea, we might be in wave 1 of first impulse leg down. But that too is not completed, We only can identified 3 waves. So here is the game plan for gbp/usd.

Case 1: Trading for wave 5 (Primary) Bullish Setup

we will wait…

Gbp/Usd current price might be part of flat correction of wave 4, and expecting another high above 1.5605 before it having sell off. I booked 29 pips profit and decided to see the reaction here. There are chances on which, pound can drop to 1.52 from current price. But on 240 min, chart, there were no impulse action found. and only way I can count is flat correction.

On NFP day, there were sell off happen,…

As per last update, we are in the targeted zone. A zone start from 1.5580 to 1.5620 area. 1.5580 is strong resistance on chart while, 1.5616 is a=c in wave y. I am keeping my sell trigger on, and as soon as I can see reversal pattern on 240 min chart / daily chart, short can be initiated with stop at latest high, 1st target can be 1.52, while second target can be well below 1.48.

Also, started looking for…

My primary view is bearish on pound.

Monthly chart showing five down from 1.6380 after broken weekly uptrend line. That wave can be counted as wave A of ZigZag correction or wave 1 of large impulse move. As chart is on monthly bases, I still not prefer to count them into impulsive manner, rather can be counted as a swing. And so, my preferred count would be the zigzag correction. As part of zigzag…

Quick update, This pair was working well as per last few posts. A risk can be lower down to 102.60, if 102.60 not hold, we might see a new high above 102.90.

Written by: …

I have very mix view on this pair.

Either we are in the nested impulse count where, we are testing flat correction in [2] (Red), or either wave [c] (Blue) is over and we might see push higher for 1.54 and 1.5480 area. The reason on which I am looking for alternate count, is the bearish channel was broken, (marked with ellipse), and indicator were bullish.

In…

On top of my  earlier morning post, I updated 240min chart with EW labels. Price need to decide which way it need to go. I prefer to be sideline and waiting for either to break.

price either need to break lower blue channel or break Red down trend line. And hence, I decided to banked 46 pips here. On confirmation of either…

A pair had a top on 105.4. From top, we are in larger wave 4. Last drop was impulse drop and can be counted a  first wave in zigzag correction – A. There is very less chance of considering that wave as part of larger impulse move i.e. 1 (marked with red color), but having the probability, I keep that in my daily chart. On 240 min chart, price is well between in the channel, and depend on today close, we find reversal pattern on daily chart.…

Current price is testing the uptrend channel, also testing the huge support drawn on daily chart. If this support breaks, we can see more downside towards 1.51, or we can possibly see two possibilities

a) Either we see bounce here, to test median and then fall back to 1.51

b) Or, we will see straight up to 1.546 area.…

I suspecting, wave 4 is not ended still, as wave 2 was shallow, wave 4 would have deep. Also, as soon as 1.5377 hold good, my earlier count is still valid with very low confidence.

As I suspecting possible new move will have another high for wave 4, and possibly test weekly trend line resistance. This move…

A Chart update, possibly fifth wave start. On alternate, we might see another small high above 1.5406, possibly 1.5460. I will keep below is my primary count and tracking this pair.

Any short on this pair, should trailed down stop loss to 1.5377

240min

Daily…

Both the euro and the Japanese yen made newsworthy counter-trend moves against other major currencies near the end of the 4 - 8 February trading week. Since I've spilled plenty of ink on the Euro Yen in recent Trade of the Week (TOTW) posts, I'm going change it up this week and focus on the British pound, which made a notable counter-trend move against the US dollar.

For the conservative trader, taking a position against the prevailing multi-week trend can be tough at best,…