USDJPY Short Opportunity around 109.20...6:1 Return Possibility
Use your best judgement. Don't copy my entries and stops, they change as market the changes. In my posts, I do try to give the most precision as I possibly can though.
There is a lot going on here. The USDJPY is looking very strong from a bearish perspective. We have a potential 30-Day Bullish Bat in development. But inside of that we are in possibly wave 4 (pullback) of a Bearish Elliott 5-Wave cycle. The 5 waves would be completing at a .618 of a 4HR swing high to low which I like for a buy opportunity. but we aren't even at that stage yet.
But for the Short Opportunity I LOVE this.
We have broken a mini bullish channel, (1hr)
This looks like a pull back before we continue to wave 5.
I went onto the 15-Minute chart and also saw a Bearish Butterfly developing.
The butterfly will be completing right at a level of previous support, It will also be the same measurement of wave 2, it will also complete as wave 4 retraces .618 from wave 2.
I'm loving this set up, I will be watching the 15 minute time frame for a sell signal to ride down to wave 5.
Enjoy!
Also, It looks like the rest of the day is going to continue up another 20 pips or so, the entry might come around the close of the day, or Sunday night when the market opens . I'd advise entering on Sunday. So the brokers don't bend you over and take your money over the weekend lol.
There is a lot going on here. The USDJPY is looking very strong from a bearish perspective. We have a potential 30-Day Bullish Bat in development. But inside of that we are in possibly wave 4 (pullback) of a Bearish Elliott 5-Wave cycle. The 5 waves would be completing at a .618 of a 4HR swing high to low which I like for a buy opportunity. but we aren't even at that stage yet.
But for the Short Opportunity I LOVE this.
We have broken a mini bullish channel, (1hr)
This looks like a pull back before we continue to wave 5.
I went onto the 15-Minute chart and also saw a Bearish Butterfly developing.
The butterfly will be completing right at a level of previous support, It will also be the same measurement of wave 2, it will also complete as wave 4 retraces .618 from wave 2.
I'm loving this set up, I will be watching the 15 minute time frame for a sell signal to ride down to wave 5.
Enjoy!
Also, It looks like the rest of the day is going to continue up another 20 pips or so, the entry might come around the close of the day, or Sunday night when the market opens . I'd advise entering on Sunday. So the brokers don't bend you over and take your money over the weekend lol.