EURJPY

I am reading Mark. B Fisher's "The Logical Trader" at the moment, so my time is being challenged from a couple of fronts and as a result I am not doing the long-winded weekend summary today. However, I hope the two charts I am posting tell a story worth telling and that it turns out to be correct!

 The first is that daily chart again with the 'is it or isn't it' triangle. If it is a triangle, is it a 4th or a B wave? Certainly, the price action has been testing the location of the proposed UTL and with some energy, but as of Friday close, price remained above or at least not convincingly below! If my 100 day phasing is correct, the last cycle ended at the 'c' down of the triangle and Friday in fact co-oincided with the 25 day low in the next 100 day cycle. It is always a bit tentative when there is little direct action to confirm these phasings, but we are either still looking for a late 100 day low or this is the 25day low zone following on from a completed 100 day low; either way, I am looking for northbound trajectory. Also of note is that Friday's pull back came down to the 45 degree line of the 2012 hi/lo Gann Grid, which held, and down to the 200 day Hull, which is now green for bullish (not easy to see but it is!). Price is also above the 25day and 50day FLDs and the 100 day regression channel is up with room to move. As far as I can read, the daily momentum study, there is only 2 little legs up and down since the zero line, suggesting at least one more leg up in whatever degree wave this in fact is. So, triangle or not, there is no big picture confirmation of anything but up, so I keep looking to be long.

Hard to miss the yellow circles and positive divergences isn't it! Of more interest to me was the forced look of the lower lows in price action against the divergence in each of the prior cases. So is Friday's any different? Following each one, price moved straight up and through the 6.25day FLD (thin blue line) and this one is somewhat significant is it not? If price shoved up through this peak, I would have to conclude the triangle or at least the back test of the UTL has been successful and a few stops will be above the 133.81 high. There is nothing in the MACD study to suggest a 'c' up has concluded in 5 waves, so I am running the 1-2, 1-2 scenario in the hope that a 3rd in something is coming my way. It might be that the Friday move was a 'b' in an expanded flat and price will be held by the FLD before a 'c' wave down, but still within an overall correction of the first leg up from the 'E' low. I don't know of course but I am happy for now to stay long and look for a test of something above before banking anything.

That's it for today. I will be trying to post charts of my 'opening range and pivot' trades from tomorrow, so might be a little less analysis next week and more trading set ups. We shall see.