USDJPY 4HR: Another 2618 Example

FX:USDJPY   U.S. Dollar / Japanese Yen
Bigger picture I'm still bearish on USDJPY             predicting that we still see a move down to 106-105.50's level. However In order to get there I do think that we can see some bearish exhaustion at our current level resulting in a pullback into previous structure at 110.50's-11.00.

On the current chart price action has created a double bottom and has followed that up with a retest. We call this setup a 2618 trade which is a more conservative way of entering a counter-trend trade.

(If you're new to the 2618, here's a link to the free training we have on the strategy www.tradeempowered.com)

Akil Stokes
Chief Currency Analyst & Head Trading Coach
http://www.TradeEmpowered.com -The Premier             Online Trading Education Company
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Trade closed: target reached: Took some time but 1st targets were finally hit!
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Good stuff. Here's a 2618 for you Akil. Though I imagine you do not trade this pair.
+1 Reply
Thanks for sharing, but that's not a 2618 yet. Certainly could end up being one though depending on how price moves
Lanmar Akil_Stokes
+1 Reply
Still not one, please re-watch the training and make sure you're taking the right steps in identifying them http://tradeempowered.com/
Lanmar Akil_Stokes
Thanks bud
+1 Reply
Akil_Stokes kHaled.ibrahim
Are you long now?
+1 Reply
Akil_Stokes rainbowolf
Yes, first profit targets were just hit on the trade
rainbowolf Akil_Stokes
Nice! 110.334 2nd?
+1 Reply
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