I tried to update my previous USDJPY post where we called the short but somehow that isn't working. So as a result of that I decided to show my top down analysis since I've to create a new post anyway;-). Due to the combination of structure by means of Elliott Wave and inter market analysis I came to the conclusion that the triangle projection on the daily time frame is the most likely.
(Those who are going to PM me with comments like I can't know this or that there are no professionals posting on tradingview, don't bother. I can't know this as nobody can, but please get back to me when you drop your insecure attitude because it is a waste of time and I'm not responding. To the so-called top analysts on TV (based on popularity and not track record), please focus on your own work and stop talking about others because several fools feel the need to continue what you guys started. Let's all just add positive input because in the end we all want to make some profit in the market and everyone has to decide for him or herself who he or she wants to listen to. Finding a good teacher is trade number 1 in your trading career, if you thrust your own work you are on your way, if you focus on others you probably have serious issues that have nothing to do with trading.)
That said; if you understand the market you are looking for the highest probability scenario which is this daily triangle according to my analysis. I can't go into too much detail here on trading view because that will confuse more than it clarifies since you have too look at many factors. (it will be covered on my website) Nevertheless you can all see my projection for a daily A-B-C correction which will most likely reach 85 for C before we see the major reversal. (Although we can consider wave A in blue major as well). But let's not get lost in a long term analysis just now and trade what we see, that's what I will do and my ego is not too big to adjust when necessary. Short term I see the following development.
4 hour:
We called the short and I gave the targets on my facebook business page: www.facebook.com/wwwtimstuytscom
1 hour:
On the 1 hour time frame I showed the leading contraction zones in my view (main zones are shown by means of the thicker red lines). What I mean by this is the following, if we are looking for a three wave down or a five wave down for that matter, I like to use these zones for reversal area's (end of wave 2 or B for example). It doesn't mean I buy or sell when price reaches one of these zones but it does mean that IF we see a reversal according to our trade plan out of such a zone it will increase our probability for a succesfull trade. For now I favor wave D lower and we should see at least 3 waves. Wait for a consolidation and sell the continuation is what I therefore will be looking for.
updates will follow and thanks for all the positive input as well! I will keep posting these kind of analyses for free and I encourage you all to do the same because in the end teaching is learning whether you call yourself professional, retailer, amateur or trader;-)
www.timstuyts.com
www.facebook.com/wwwtimstuytscom
(Those who are going to PM me with comments like I can't know this or that there are no professionals posting on tradingview, don't bother. I can't know this as nobody can, but please get back to me when you drop your insecure attitude because it is a waste of time and I'm not responding. To the so-called top analysts on TV (based on popularity and not track record), please focus on your own work and stop talking about others because several fools feel the need to continue what you guys started. Let's all just add positive input because in the end we all want to make some profit in the market and everyone has to decide for him or herself who he or she wants to listen to. Finding a good teacher is trade number 1 in your trading career, if you thrust your own work you are on your way, if you focus on others you probably have serious issues that have nothing to do with trading.)
That said; if you understand the market you are looking for the highest probability scenario which is this daily triangle according to my analysis. I can't go into too much detail here on trading view because that will confuse more than it clarifies since you have too look at many factors. (it will be covered on my website) Nevertheless you can all see my projection for a daily A-B-C correction which will most likely reach 85 for C before we see the major reversal. (Although we can consider wave A in blue major as well). But let's not get lost in a long term analysis just now and trade what we see, that's what I will do and my ego is not too big to adjust when necessary. Short term I see the following development.
4 hour:
1 hour:
updates will follow and thanks for all the positive input as well! I will keep posting these kind of analyses for free and I encourage you all to do the same because in the end teaching is learning whether you call yourself professional, retailer, amateur or trader;-)
www.timstuyts.com
www.facebook.com/wwwtimstuytscom
Comment:
Price is respecting the previous contraction zones and we might make another corrective wave up. Nevertheless ideally we see another leg lower after that which should give us divergence. That way we can start looking for a buy of what I now consider a potential wave E.
Comment:
Due to the fact that potential wave C of lesser degree was very short compared to what I count to be wave 4, I think the chances of a Flat correction have improved for a test of 38.2% of the length of what I consider to be wave 3.
Bigger picture; my view hasn't changed yet and for short term trading focus on the recent impulse. Let it settle preferably in a pronounced corrective pattern and look to buy the continuation. I like to wait for at least next week to consider adding another possible buy.
