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.
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
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