EverythingForex
Long

TRADE: USDJPY: BUY@123.490 COMPLETED Butterfly + Structure

FX_IDC:USDJPY   US DOLLAR / YEN
558 16 8
OK. So here is a possible decent LONG trade coming up on this pair. There is a completed bullish butterfly pattern that also has its' PRZ sitting on a solid MAJOR SR Structure level. This along with my projected wave count that shows a possible wave (iv) upcoming makes it a good trade to catch some pips north. But just bear in mind that this pair is now in a solid down trend that can resume at any time. So if this trade is taken, must ACTIVELY monitor the trade. IF prices do not get to my entry, I will not take any trade. If I miss this LONG trade, no big deal!

MY TRADE PLAN
I will wait until this pair has reached the MAJOR SR Structure level before taking any LONG position. I\ll be looking for a relatively BRIEF retracement in a wave (iv) and watching closely for signs that the trend is continuing down and quickly close my LONG positions.
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Sorry, do you mean @122.490 and not @123.490 as per your headline?
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Yeah. It was a typo. Thanks for the catch!
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SORRY! Typo in the headline! I meant 122.490. NOT 123.490!
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did you get in butterfly pattern?
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Yes, I'm in at exactly 122.490.
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dr.gsbharaj EverythingForex
so you still in the trade? price went too down.
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Yes, I am. I set my S/L at the second Major SR Structure level. I used the structure zone that those 2 structure levels created as my PRZ for this trade. Not the PRZ for the butterfly.
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dr.gsbharaj EverythingForex
do you trade every pattern you found or look for any reversals?
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NO! Absolutely not! I do not trade every pattern. If I did, there'd be massive confusion! There are so many valid patterns that can be seen in every chart on every pair and every time frame, it's impossible to do that and more importantly, do it successfully. And I do not only look for reversals. As a matter of fact, I prefer trend trading rather than counter trend. But I trade what I see and not what I want to see. If my analysis is pointing to a reversal, I go with it. If it shows trend-continuation, I go with that. As in this pair lately, trend continuation patterns dominate. Like the triangle pattern that led to the recent dive. Hope that answers your question.
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dr.gsbharaj EverythingForex
thank you so much for the useful tip
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MACD tells me we are in 4 of (3) so another swing down could be before real (4) higher. Time will tell. Thank you for big pics (M, W, D) in your other post!
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aibek aibek
snapshot
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aibek aibek
if c = a then target is 119.81
if c = 1.618*a then target is 116.45
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@AibekB - I agree that we're in wave 4 of (3) and I'm seeing a bit more to go to complete wave 3 to 120.384 since it went past 1.618; so next fib generation will be 2.618.

snapshot
+1 Reply
aibek donaldsaw
donaldsaw, agree as 5ths this year are mostly extended which was usual for commodities
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Trade is CLOSED.
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