glennmercer
Short

USDJPY Short! Third Wave Drop Has Started, High R/R

FX:USDJPY   U.S. Dollar / Japanese Yen
Hey traders! We have a spark of the bearish drop toward the completion of the third wave toward our short targets. I have entered with a SL above wave 2 terminus. This is our new invalidation level. Bullish price action above this level will invalidate trade and thus I no longer want it. Devils advocate here is that the bearish wave count was incorrect and this is actually the completion of the first wave. If that is the case, the invalidation level will take care of the uncertainty. Updates to come as the tide rolls!
Trade active: This one is active. Nice drop to make lower lows. Moving SL to B/E very shortly. Cheers!
Trade closed: stop reached: Devil's advocate scenario was correct! Closed at breakeven and for the sake of conservative reporting, we'll say -2 pips. We have a NEW potential bearish motive wave to sell on the pullback. Let's see how deep the pullback goes. Updates to come.
Comment:
Looks like a head and shoulders pattern may develop.
+1 Reply
glennmercer OrangeTrader93
Yes great eye, I was thinking the same thing. Let's see
+1 Reply
EN English
EN English (UK)
EN English (IN)
DE Deutsch
FR Français
ES Español
IT Italiano
PL Polski
SV Svenska
TR Türkçe
RU Русский
PT Português
ID Bahasa Indonesia
MS Bahasa Melayu
TH ภาษาไทย
VI Tiếng Việt
JA 日本語
KO 한국어
ZH 简体中文
ZH 繁體中文
AR العربية
Home Stock Screener Forex Signal Finder Cryptocurrency Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Contact Support Ideas Published Followers Following Private Messages Chat Sign Out