Tuesday, June 2, 2009
Gbp vs Jpy 1H, Daily & Weekly
Chart 1H - Due to the strong bullish breakout, therefore I believed market the previous considered that market may perform a correctice wave B before another bullish continuation to complete subwave C in 4 (weekly) is already invalid. Favourably, market already in progress tocomplete major wave 4 (white, magenta or yellow) before expecting for another bearish continuation trend to complete major wave 5 in C. At the moment, market just in subwave 3 before expecting a bearish retracement to complete subwave 4. Please be noted either we shall see another subwave 3 expansion (yellow) or is already completed (white), need to be confirm later. My strategy is, I'm waiting for a completion of major wave 4 before considering any possibility towards a major bearish continuation trend to complete major wave 5.
Chart Daily - I believed, market in progress to complete corrective wave c in 4 before expecting for another bearish continuation trend to complete major wave 5 in C.
Chart Weekly - Please be careful since market may continue to perform a bullish retracement trend to complete wave 4 at fibo retracement 50% before expecting for another major bearish continuation trend scenario. My advise is, please wait until major wave 4 is completed before making any decission to make any bearish entry. Please confirm it from a bigger TF at BSTS later.