USDJPY trade opportunity
The trade is as follows:
What are we working in?
Currently, we are near the end of wave 4, of a primary move.
My reasoning for this is that we have a clear, extended 3rd wave, with all subdivisions correctly labeled.
This is confirmed by alternation in wave 2 and 4 of the 3rd wave.
We also see that the third wave hit the 2.618 of the wave1-2 extension and the wave 5 of the 3rd wave is 3.618 extension of the waves 1-2.
I believe that the end of wave 4 is near since we are within the lower boundary support for wave 1. A break out of this channel, would pull me out of my trade, although until we go into wave 1 territory, this count is still valid.
I anticipate the price moving towards the 112.8 range and will ladder into my position as I am proven correct.
All of the different rays represent my entries for this trade.
What are we working in?
Currently, we are near the end of wave 4, of a primary move.
My reasoning for this is that we have a clear, extended 3rd wave, with all subdivisions correctly labeled.
This is confirmed by alternation in wave 2 and 4 of the 3rd wave.
We also see that the third wave hit the 2.618 of the wave1-2 extension and the wave 5 of the 3rd wave is 3.618 extension of the waves 1-2.
I believe that the end of wave 4 is near since we are within the lower boundary support for wave 1. A break out of this channel, would pull me out of my trade, although until we go into wave 1 territory, this count is still valid.
I anticipate the price moving towards the 112.8 range and will ladder into my position as I am proven correct.
All of the different rays represent my entries for this trade.
Note
We appear to be making a ending wave Z move which means wave 5 is almost in progress. I assume that it will start monday.
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.
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.