But mainly, I was waiting for the retest of the upper TL to confirm price action which has now happened. Recent price action have also now setup a POTENTIAL (green) and a POTENTIAL (purple). Notice that the bat complete just about on top of the POTENTIAL pattern. This will also serve as the TP1 for the .
Although prices may get to this area and bounce, overall, I'm looking for prices to get back down to retest the 69-70 cents levels to complete a wave 5.
MY TRADE PLAN
Already SHORT from 0.71500 with my stops going above the C point of the . I will review the price action if and when prices get to the completion of the and/or bat and patterns and decide then if I will continue to hold SHORT.
Please keep in mind that I am not giving any trading signals or trade calls here. Only providing my own trade thoughts for your benefit and insight as to my trading technique and style. Please don't ask if you should or should not take the trade or ask for stop loss and take profit levels. Any SL or TP given on my trades are my own I have used for my trade and are not recommendations for you to use. If you are not sure, then you do not have a trading plan for yourself in place. I suggest you make one before you continue to do any trading!
If you like my posts and find them helpful, please take a second to hit that LIKE button and follow me so I will know my posts are useful to you. Doing so will encourage me to post more! As always, all constructive comments are welcome. Agree or disagree.
Year-to-date Profits: +5,794 pips.
USDJPY FULL Report (Subscription Required): http://bit.ly/2ttcCTV
This Month In Indexes newsletter: http://bit.ly/2tGqpcy
Want results like this? Join us: http://bit.ly/29x4bfM
But regardless, I trade on price action. The reason I say that 69-70 cents will be retested is because that is the nature of price action. Every major top and major bottom ALWAYS gets retested. And my wave count suggests to me that 69-70 is NOT even the floor! I'm thinking 60-62 cents! Now, the question to me only becomes WHEN?
As for this trade, i am leaving it OPEN as per my reasons on the recent post: