I'm not an English speaker,, so I have to keep this term in my trading journal as reference. Remember, I'm learning EW now ;^)...
Diagonal
A 45 degree angle offset from either 0 degrees or 90 degrees
In a polygon, a diagonal is a line segment connecting two nonadjacent vertices. A diagonal is also a horseback riding term used in posting. Your diagonal is when you rise and fall while posting on either the outside or inside leg of the horse.
I kinda interested with my new study on EW, so here I try to come up with my own reading on market chart once again.
The reading based on h1 chart, today.
One thing still puzzled me by the way, why on earth I keep on ending my reading on a complete wave??? Someone has to criticize me on this.
Back to the reading.
I believe the uptrend won't last longer than tommorow.
If the reading is correct, GU will going down after reaching yesterday high.
Gud luck in your trading
An EW expert wrote this phrase, but couldn't remember where I read from
"Try put 12 EW gurus in a room and ask them to make a market review, then they will surely come up with 12 different predictions".
Well, I have nothing to complaint about EW, I'm learning it now.
This is yet another view on GJ based on h4 chart.
The market was on bearish preasure until yesterday. It's on C now, and I wonder why in every reading I ended up with C. Something must terribly wrong with my EW skill.
But nevermind, the market is now in choppy area as I believe (I should believe as I make the reading possible) the pair is making new wave 1. GJ will be down first, before going up again.
Up to you to decide.
This is my first attempt on Elliot Wave EW, GBPJPY on h1 chart (yesterday trade session). I never used EW in my trading before, and I don't think this method is a must-have in trading. A modest manual trading, in a real sense, can be made out of plain Candlestick and all those bundle mt4 tools (if you use mt4), believe me. Read on to see my commentary
So why the suddent interest?
My trading skills, I must say, is sharpening and it has nothing to do with EW, but by forcing myself to stare upon a plain candlestick most of the time.
But I choose to learn EW since last week.
Because I have time to learn at the moment.
Because I'm sick of some EW gurus keep on swearing by EW as their reasoning and when their prediction fails, they find excuses using EW too.
Some EW experts choose to display a very ambiguous daily prediction. Too ambiguous that even a plain candlestick movement is clearer than those messy waves and subwaves that they drew upon.
And because I love argument in my free time
And if I wanna argue with somebody, I need to understand their language. So I will keep on learning... ha ha..
Opps, I forgot about the chart.
Now I'm reading and making prediction based on the drawn chart. I believe GJ is now on correction wave C, but I couldn't see the diagonal triangle between 5 & C, or maybe I didn't do it right. So if my identification is correct on this 1h chart and another wave is in the making, gbpjpy will be on the rise again in the next few hours.
The target? I can't see any target using EW. But using other common tools, the next target is 157 area.
What if I'm wrong?
Well, I made wrong prediction everyday, ....big deal anyway.
The target is 157 area.
But the movement is weak (slow at the moment)...
I wonder it can goes even to 154 tonite
Nevertheless, we still have a few hours to see whether GJ can continue upward or reverse the movement. Good luck.
I think there is a slow retreat of the market from now on...
The bottom has been formed on daily chart and if everything goes well, we can see the uptrend from today onward.
Left - GJ's bottom LWP
But this slow process is scarry though, it goes flat maybe all day long, or just swinging around without direction as it likes.
So What the next target like? GJ - the 158 area.
Gud luck anyway
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