I've been watching this chart closely, and I think we might see a great buy setup in the near short term. Eyeing the area between 121.43 and 122.34, with invalidation for this signal below 118.968, potential upside is 137.94 in 6 months or less. We don't get significant trends in FX very often, and this is one of them. I'll be monitoring the Yen to enter a longer term position in it, since I consider the risk/reward and probabilities to be on the bullish side here. The fundamental odds favor this position as well, I included The Working Trader's idea in the related ideas field since I consider his input valuable. It's good when both technicals and fundamentals agree, just have to be patient for the right setup to pop. Good luck, Ivan.
USDJPY might form a top soon, then retrace into my buy zone.
There's absolutely NO rush to take this trade.
IvanLabrie
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Aggressive buy entry filled.
Nice!
moorekapital
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Certainly Aggressive. But I Understand What You're Doing. Wishing You Good Luck, Coach.
IvanLabrie
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Watching, might be able to buy lower.
Cancelled limit orders.
IvanLabrie
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We bounced right off the linear regression channel...missed my entry by 15 pips!
There's a 4h uptrend which expires in 1 bar.
I'll look for a retracement to join the trend.
IvanLabrie
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Didn't a get a fill yet, placed two buy limits at 121.915 and 120.644, stop at 119.372.
No tp.
IvanLabrie
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Ok, large correction?
Check.
You can buy now, or wait a bit more.
The monthly entry is a bit lower, I'll start building the position soon.
A small risk entry now wouldn't hurt, but it's better to wait, since the correction looks incomplete:
IvanLabrie
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Just bought a tiny 0.25% risk lot.
Stop under the recent low, price found support at a low volume area, and also a weekly range expansion support zone.
Short term long for now.
There's absolutely NO rush to take this trade.