USDJPY Short Trade Setup
Updated
Whenever multiple styles of trading come together to give off a harmonious (excuse the pun) setup, I always gear up for a big move.
UJ has provided a clean 5 wave impulse move to the upside and therefore breaking out of an ending diagonal (that can be seen on the
daily or weekly timeframes). We find ourselves in a lengthy correction/consolidation. We may be in the final leg of the correction (C)
and as per theory this wave has an impulsive nature (quick, strong, lucrative). I will therefore be looking to ride this wave down to
the end of wave (A)- which has a higher probability than riding it to a 161.8% projection of wave (A)-Should this be a flat correction
structure.
Targets:
107.600
107.350
105.250-Least likely to be reached.
Let me know below what your thoughts are, looking forward to this trade.
UJ has provided a clean 5 wave impulse move to the upside and therefore breaking out of an ending diagonal (that can be seen on the
daily or weekly timeframes). We find ourselves in a lengthy correction/consolidation. We may be in the final leg of the correction (C)
and as per theory this wave has an impulsive nature (quick, strong, lucrative). I will therefore be looking to ride this wave down to
the end of wave (A)- which has a higher probability than riding it to a 161.8% projection of wave (A)-Should this be a flat correction
structure.
Targets:
107.600
107.350
105.250-Least likely to be reached.
Let me know below what your thoughts are, looking forward to this trade.
Note
Trade active
Pending order entry triggered
Trade closed: stop reached
SL hit unfortunately
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.