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Usdjpytrade

USDJPY 23June2023if you look at the elliot notation and fibo extension placement, then wave 3 is right at 1.618, which means wave 3 is already 1.6x longer than wave 1. I want to predict where the USDJPY price moves using the fibo extension, and it could be that the price goes to the fibo extension of 1.618 as well. if you look at the trendline, there is a possibility that the price will respond positively to the trendline, which also meets the fibo extension area. I think this notation is quite correct, because wave 3 is not the shortest wave. as evidenced by the price at 1,618, and wave 5 could be a bullish continuation, this type of bullish can run for quite a long time. if you want to go short, it's better to wait for a fairly positive bearish confirmation.
by Hokusai_FX
USDJPY: Where To Short In Trend?Hey Traders, On various Yen pairs you can see there is room to retrace after larger falls. That's because after large falls..... Its better to get large rises on pops to Trend Trade. That is the only way to secure Market Value for a long term trading plan. Notice how the rise in price would naturally be inline with a down-trending market. After CPI data and comments from the FED looking to another hike in May, we can collate our sentiment plans in order to stick further inline with our trading. It's always wise to allow markets to move within any sentiment update and not be desperate to rush in. Note PA levels like the one we have labelled and let things happen. It's likely within the rebound of the USDJPY we are just seeing further extended YEN weakness similarly to lots of other JPY pairs. Ultimately Market News and Sentiment will bring us to levels that Traders prefer (smart money). That is what delivers larger moves for (smart) traders to be included in if they notice in time. Nonetheless from a basic perspective the earlier you short on a push up inside a previous fall the worse market value you will be attaining which is dangerous if yoour size is disproportional to your available equity. So gauge your size accurately OR just wait until the pre-determined level. Simple rules are always most effective... And things do not need to be rocket science. Trade inline with markets and make your size proportionate at all times.
by WillSebastian
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