gbp jpy
We are witnessing an ab=cd harmonic pattern on the H4 TF. the expectation goes for the bearish case if the ground is ready and the supply excels to the demand.
Yes Robert , we sure have a repeat range BUT also it is something else there , it is what i see happen more times than not ,, and it is within the second major range( the c-d range) giving me a target of 161.578 , and the equal range coming in at 161.437 . Actual top at 161.655
I can comfortably live with a retracement here , and i would expect one also , BUT lets see what happens from here ,,
If i may , i would like to add something ,, and i hope it will help incase u do NOT look for things like this , and it is something i see day in day out ,, and because i am a FULL Fib trader , i will explain as to why they crossed these levels above ( over runs ), and reason is as follows,,,,,
Although the larger time frames ARE more commanding , yet from my personal experience and more importantly in my humble opinion , the smaller time frames are often more commanding on the FINER details , and what i mean by that is , there are usually set levels THEY ( the power behind this market ) complete on an intra day level ,,, and hence why we often see the over runs on the bigger time frames ,, because they running the market to their intra day levels ( Theory / system) .
If we zoom into the 15 mnt chart , a quick look at it it is very clear what was happening ,,, after the first range up , we get a nice typical deep retracement (76.4) , which sets the tone for the day ,, giving me 3 targets to look for , where i would expect a retracement ( I call it THEIR coffee breaks hahahaha) and these tragets were 161.300 (Actual 161.322) and then 161.465 ( Actual 161.496) and last and most important level the one at 161.647 ( Actual 161.655 ) .
I would love to go into more detail about almost every swing there , BUT i do NOT want to bore u with the detail as there was some really great entries on an intra day level , especially at the top , typical move after that top they did .
This is what i call a text book day !!!!!!!!!
Cheers,
George
