After a brief period of consolidation which resulted in a being formed, we are now seeing a breakout of that triangle down. I don't know that this is a false breakout or a true breakout but this is a trade going with the larger trend and also with my wave count.
I have been labeling this recent retracement wave up as a wave iv of v of 3. That means this next move should be down in a wave v to complete the larger wave 3 if my count is correct. And so far, it looks that way. The wave iv retraced all the way up to the end of the wave i but did not close into it (with the exception of a brief spike up into it's price territory upon opening due most likely to the reaction to the Paris bombings).
As I've shown in the previous post on this pair, there is a POTENTIAL that is waiting to be filled.
MY TRADE PLAN
I have gone SHORT on this pair as per my analysis and will hold SHORT to my TP1 which is at the .886 retrace of this wave 4 although I do expect it to head even lower to complete the wave v. I'll decide at that point whether to keep or take profit.
Want more great analysis and pro trading tips like this? Join my faceboook group at www.facebookdotcom/efxselect today (replace the "dot" with a ".")!
My members get complete REAL-TIME in-depth analysis, trades, alerts and signals on all pairs I cover as well as expert trading advice and tips. They received this TRADE ALERT as the trade was happening and got the best entry price! Would that help you? Go here now to signup or to get more info: http://www.efxselect.com
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 can know my post was helpful to you. As always, any CONSTRUCTIVE comments are welcome whether 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
The pait is already at 1,5291 and nobody knows when it will stop going up.
I believe that in these cases it would be good from you some type of advice to avoid others' huge losses (and I am not writing this because I was stopped out, but because what I describe happens very frequently to the newbies and also to many others who are not so newbies = follow professionals).
All the best.