Sinex

USDJPY: Leader In This Crash Now Possible Topping

Short
FX:USDJPY   U.S. Dollar / Japanese Yen
There isn't enough evidence to set up this trade because we can't establish USDJPY is in a downtrend. But my hypothesis is
that since it was the leader in the crash of the general markets then this will likely top first. This suggests that this is possibly
topping here now. Though I'm no longer an Elliottician I use the patterns and so the hypothesis is to look for an ABC
pattern and set an order near the red line with a stop of approx 20 or so pips. So a 1% risk on 20 pips you must calculate your lot size. Again this is a risky trade as there is not enought evidence to have more certainty but hey manage risk and we good.
If this trade goes good then we could infer that the general markets have topped for the present moment.
Comment: Setting up the ABC as mentioned and setting up negative divergences on the 1hr Stochastic RSI oscillator suggests this will turn down shortly. I personally use the oscillator for confirmation sell signal.
Comment: Come on, how beautiful is that prediction? That is amazing! How can we see the future? How can we do this over and over again? Just a lot of practice thousands and thousands of charts and practice.
Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.