USDJPY- Journey towards 110.30--110.75
The Bounce back as expected from 107.68 was true but prices hovering around 108.60 for quiet some time suggesting that we could have W-X-Y structure .
Where are we standing currently-
a-b-c for W is complete & currently X-wave triangle is going on which is incomplete & could be a challenge for traders because price will swing in narrow range before it breaks out from upper boundary for another leg upside as Y-wave
Ruin Point -
Structure becomes invalid if prices go below 108.56
Targets-
Who ever missed the bounce can join the rally in this triangle with strict stoploss-108.56 for targets 110.30--110.75.
Note-
Triangle could test your patience -One should try to buy in the range 108.63--108.67 as close to 108.56 so we lose less if stoploss gets hit.
Where are we standing currently-
a-b-c for W is complete & currently X-wave triangle is going on which is incomplete & could be a challenge for traders because price will swing in narrow range before it breaks out from upper boundary for another leg upside as Y-wave
Ruin Point -
Structure becomes invalid if prices go below 108.56
Targets-
Who ever missed the bounce can join the rally in this triangle with strict stoploss-108.56 for targets 110.30--110.75.
Note-
Triangle could test your patience -One should try to buy in the range 108.63--108.67 as close to 108.56 so we lose less if stoploss gets hit.
Trade closed: stop reached
I already warned that X-wave is always tricky & we should not regret losing 7-10 pips where we have already made 360+ pips -who ever traded with my idea when it was@111.15 (taking short & booked@108.15)..Later bought & exited@108.70
Best Regards,
Abhishek H. Singh
Growth Director - TradingView India
YouTube Channel youtube.com/channel/UCYcnYveYBNLD-Qp54hvZogw
Twitter Handle
twitter.com/TalksWave
Telegram Handle
(Deleted)
Abhishek H. Singh
Growth Director - TradingView India
YouTube Channel youtube.com/channel/UCYcnYveYBNLD-Qp54hvZogw
Twitter Handle
twitter.com/TalksWave
Telegram Handle
(Deleted)
Best Regards,
Abhishek H. Singh
Growth Director - TradingView India
YouTube Channel youtube.com/channel/UCYcnYveYBNLD-Qp54hvZogw
Twitter Handle
twitter.com/TalksWave
Telegram Handle
(Deleted)
Abhishek H. Singh
Growth Director - TradingView India
YouTube Channel youtube.com/channel/UCYcnYveYBNLD-Qp54hvZogw
Twitter Handle
twitter.com/TalksWave
Telegram Handle
(Deleted)
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.