EverythingForex
Long

TRADE: USDJPY: BUY@123.490 COMPLETED Butterfly + Structure

FX_IDC:USDJPY   U.S. Dollar / Japanese 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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Trade is CLOSED.
Reply
@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
Reply
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!
Reply
aibek aibek
snapshot
Reply
aibek aibek
if c = a then target is 119.81
if c = 1.618*a then target is 116.45
Reply
did you get in butterfly pattern?
Reply
Yes, I'm in at exactly 122.490.
Reply
dr.gsbharaj EverythingForex
so you still in the trade? price went too down.
Reply
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.
Reply
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