USDJPY day trade long

FX:USDJPY   U.S. Dollar / Japanese Yen
367 3 15
The bigger picture for USDJPY             has not changed but short term I'm looking for a bullish leg of lesser degree towards 108.30.

This trade set-up is relatively easy, if we see the bullish continuation I'm a buyer for a potential wave C or 3 higher. If we move lower I let it go for now.
Either way updates will follow because the real trade has yet to come in terms of the buy described in my previous post. Nevertheless I think that this consolidation has to mature first.


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Comment: The day trade of yesterday did not get triggered and I'm back following the bigger picture outlook. The trade we don't want to miss (bullish) has yet to come.
Comment: There was some misunderstanding on how to interpreted the end of a structure. The day trade set-up showed a potential reversal within the structure. However this trade didn't get triggered. I used this set-up as an example to show you how to look at trend lines. Trend lines are based on price and not the other way around. That's why textbook examples often not work. Let structure show you whether the reversal is there or not.
Comment: Still not reversing and I favour more bearish price action for wave 5/C/Y.
Come on Tim, you can't contradict yourself with that bottom chart. Face it that top trendline chart didn't work as it didn't respect it multiple times. Give it up man!
TimStuyts pipercolt
Trend lines don't mean anything because it is only a visualization as I mentioned many times. There was only a first minor wave that broke the trend line on that 60 min chart, never was there a minor first wave AND consolidation AND THEN the break. (only after the new low) So every time you see only a 'first' wave break a trend line (that's why trend lines are only a visualization) you have to adjust the trend line in these circumstances. Bottom chart is a daily time frame and there is no contradiction if you understand wave structure, it only shows the difference in wave degree where 60 min tf shows context of wave structure of lesser degree. If you have a question, by all means ask but these kind of comments are not making sense at all. Have a nice day!
edisoho TimStuyts
just ignore the troll, Tim. I learnt alot from you. thanks for ur effort.
+1 Reply
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