I'm preparing for a short trade on USDJPY, analyzed on a 15-minute chart using the Elliott Wave theory. The chart shows the completion of a five-wave impulsive sequence, suggesting a corrective phase is likely. I plan to enter the short position at the current price of 154.869.
For target levels, I'm looking at Fibonacci retracement levels. My first target is at 155.020, the second at 154.407, and the third at 154.028. I'll set my stop loss just above the recent high of wave (5) around 155.500 to protect against upward moves.
I'll monitor price action as it approaches each Fibonacci target and look for signs of support or reversal to decide on profit-taking or adjusting my stop loss to secure gains. This setup aims to capitalize on the corrective phase following the Elliott Wave impulse sequence.
For target levels, I'm looking at Fibonacci retracement levels. My first target is at 155.020, the second at 154.407, and the third at 154.028. I'll set my stop loss just above the recent high of wave (5) around 155.500 to protect against upward moves.
I'll monitor price action as it approaches each Fibonacci target and look for signs of support or reversal to decide on profit-taking or adjusting my stop loss to secure gains. This setup aims to capitalize on the corrective phase following the Elliott Wave impulse sequence.
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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.