dojitrader
Short

Gartley + A=C Zig Zag Into Resistance Short Story Read ???

FX:USDJPY   U.S. Dollar/Japanese Yen
341 4 7
There is also a related chart from dd4lo that shows a Cypher
sell zone in the same area. I'm shooting for A = C around 102.72
for lower risk unless the candles start screaming "Sell Now" ! at
the lower levels of the Gartley and AB=CD .
I'm thinking corrective price action ~~~~~
Is the market thinking impulsive move beyond ?
This is looking more and more like a triangle, so,
I took my pips - about +45 and will stand aside.
If this was a C wave as I implied, a more impulsive reversal would
be expected. If this is a triangle I will be looking to
sell the final thrust at higher levels.
Reply
Price action, a messed up wave count (some sort of triangle?)
is not giving me confidence in this set up, so,
moving stops to 102.56 which is just above the little down
trend line that has formed. Above that and new highs are
very likely. Maybe another entry ?
Reply
It's making me sweat ~~~
If wave iii extended and this is a ivth wave flat or a triangle
then, I should either move my stops higher or look
to reenter around 103.00 where price action would project.
Deciding now what to do . . . . .
I generally like to get out at the first sign of being wrong
and, if I'm wrong about being wrong, then reenter.
That's in case I'm REALLY wrong as my psychology does not
handle very well a large loss. But, can take several small losses much better.
It has been said that a trader's job is to take a lot of small losses.
(and then hang on for dear life when you have a winner)
I tend to agree ~~~~~~`
Reply
Any alternate wave count I can see would put 3rd or 5th wave extensions
above X so I'm moving stops to 102.91
the line in the sand where I'm wrong seems pretty clear above 102.80
So far so good with short entry @ 102.725
Reply
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