Long

USDJPY Long Trade Setup

Updated

Hello traders.

This chart is very clear in daily timeframe. I'm expecting a new up impulse after corrective structure.

In 1H, I think up move was reversal impulse and now, a correction is in the making. The down move can be the whole correction or wave A in bigger structure.
It is not clear at this point, but putting an entry order looks like a good idea. My plan is taking breakout trade. If I can find any entry after the breakout, I will take it and remove the entry order.

Trade with care...

Note

It broke the trendline, wait for a flag to take any long trade.

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I replaced my entry order according to the structure. But, if it makes a correction I will remove it.

Trade active

Note

Move stop loss to the previous bottom.

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I hope it will keep going up, but more likely, it will come down in order to complete the correction. I hope the correction will be the running flat because an expanding flat will stop me out. In this case, I will take another long trade. For now, just wait and see.

Note

Nice up move. Leave your trade alone.

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300 pips so far, I'm waiting for a correction to take another long trade. But there is still divergence, so it can make higher degree correction. If you want to protect some of your profit, move stop-loss to 109.900 or just wait like I do.

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I think it's making a higher degree correction. I'm waiting for the completion of it. Then I will take another long trade. Hopefully, the correction will not be so deep as to stop me out.

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Still waiting for the completion of the correction to take another long trade.

WaveAnalysis

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