glennmercer
Long

USDJPY Long: Don't Miss The Rally!

FX:USDJPY   U.S. Dollar/Japanese Yen
USDJPY             has completed a triangle pattern in a potential reversal zone at the end of a corrective wave count. If you missed the first small rally, now is a great time to look for entries. This is an odd hour to take trades, so we may see some interesting price action here. Keep an eye out for bullish impulses to get long behind.
Trade closed: stop reached: Point E has surpassed C, meaning we need to recount the triangle. Let's see what happens after the dust settles!
Comment: Here is another possible bullish scenario. An ending diagonal would be ideal, setting up a HUGE risk to reward scenario. However, as always, let the market come to you and try not to inject any personal bias. Drop below the invalidation level will call for a recount. Stay tuned!

snapshot
Comment: Support found exactly at the base of the newly formed descending triangle/ending diagonal:

USDJPY Final Long Entry Before Invalidation! High R/R!
Trade closed: stop reached: Deeper retrace than invalidation level. May still be a rally, but I will be recounting before entry. Good Luck!
what about the incoming news ?
17 min JPY Adjusted Trade Balance 0.50T 0.32T
17 min JPY Exports (YoY) (Aug) -4.8% -14.0%
17 min JPY Imports (YoY) (Aug) -17.8% -24.7%
17 min JPY Trade Balance (Aug) 202B 514B
57 min AUD MI Leading Index (MoM) 0.1%
23:00 NZD Credit Card Spending (YoY) 5.6%
Tentative JPY BoJ Monetary Policy Statement (YoY)
+1 Reply
Huge BOJ news coming! Often we find that is what catalysts the wave counts. I would much rather enter after a news impulse then retrace, but if the R/R is large enough I will risk a small amount of capital to enter on the completion of a triangle as well such as in this case. I will update if I re-enter, it will have to be a rare and prime trading opportunity. Cheers
+1 Reply
hamedo glennmercer
Thanks for reply , and big thanks for your hard work and great analyze :)
+1 Reply
My pleasure, thanks for the great comments
+1 Reply
You are gorgeous
Reply
Lol thanks Han
Reply
UJ trade active
Reply
May still be a rally, but I'm out of this one. Cheers!
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