EverythingForex

TRADE: BUY@120.460 Catch a wave 3 under scenario #2

FX:USDJPY   U.S. Dollar / Japanese Yen
291 0 10
I am taking this trade as I prefer the Scenario #2 (see Related Ideas: "QUICK ANALYSIS: USDJPY: Scenario #2: ABC 5-3-5 ZigZag Wave 4") that I just posted to possibly catch a wave 3 going up in a wave (C) of the ABC zigzag wave 4.

However, I will be VERY carefully monitoring this trade as it approaches both the POTENTIAL bearish cypher and the upper TL of the contracting triangle from my scenario #1 (see Related Ideas: "QUICK ANALYSIS: USDJPY: Scenario #1: Contracting Triangle Wave 4 "). When prices do reach either of these 2 points, there could be some kind of reaction so it will be challenging to figure out if any bearish price action at those points are following scenario #1 or are just retracements within the wave 3 of scenario #2.

*DISCLAIMER:
Please keep in mind that I am not giving any trading signals or trade calls here. Only providing my own trade thoughts for your benefit and insight as to my trading technique and style. Please don't ask if you should or should not take the trade or ask for stop loss and take profit levels. Any SL or TP given on my trades are my own I have used for my trade and are not recommendations for you to use. If you are not sure, then you do not have a trading plan for yourself in place. I suggest you make one before you continue to do any trading!

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