EverythingForex

UPDATE: TRADE: USDJPY: SELL @124.560 Triangle + 2 Patterns

FX:USDJPY   U.S. Dollar/Japanese Yen
This trade was never triggered because prices did not get back up to the my sell point. In addition, The Bullish perfect Gartley was invalidated as prices moved past the X point of the Gartley . As I did not have any SHORT positions because I missed the entry on the traingle/Wolfe Wave completion, I did not have any positions to close upon the Gartley completion as per my trading plan from the previous post (see Related Ideas: "TRADE: USDJPY: SELL @124.560 Completion of Triangle + 2 Patterns"). I also did not have any plans to BUY on the Gartley completion as I am still expecting prices to decline further and reach the POTENTIAL bullish Cypher just below so no losses were suffered.

The Wolfe Wave profits were hit but again, I did not get the entry on it so did not realize any profits from it.

The completed bearish crab that I took SHORTS on and are still holding (see Related Ideas: "UPDATE #3:USDJPY: Crab TP1 & TP2 Hit (+171 pips). Still MORE?") 70% SHORT positions on is continuing to pay off now yielding another +130 pips profit in addition to the +171 pips from earlier. I will look to close those SHORT positions upon the completion of the cypher .

MY TRADING PLAN
At this point, I will be waiting for prices to reach the D point of the cypher and will watch for a good entry LONG. Bear in mind that overall, I am BEARISH on this pair as per my LONG-TERM trade idea (see Related Ideas:"TRADE: USDJPY:2 LONG-TERM Patterns Could Yield 1000+ pips") so that in playing this cypher , I WILL take profits at the TP1 and/or TP2 of this cypher IF it gets there BUT always keeping in mind that I am expecting prices to decline MUCH further in the long-term.

*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. 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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