This is an example of such situation , we have a perfect wave set up over on the Eur/Jpy charts that we entered earlier today. While that trade is still open , sometimes i get nervous about investor moving the market opposite of what the pattern suggests , so i will find a pair, in this case Nzd/Jpy, that is similar to my primary trade, in this case Eur/Jpy , and i will place the opposite trade. In this case i was short Eur/Jpy so I went through all of my Yen pairs looking to find a good place to enter long.
I have placed my Entry at point Z of the wave series because i plan to may my money on the corrective series. Because i don't know for sure which pattern the market will take on the correction , i have decided to place my limit at point X of the original series, because both possibilities end up at point X eventually, and it provides a reasonable safe return; And lastly, because i like to keep a 2:1 risk to reward ratio, I placed my stop at 82.683, in this case it is roughly 2:1.
Thanks for checking out this trade, ever so often both of the trades will complete accurately, so hang on tight and check back in shortly!
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Thanks again ! Good Trading Everyone!