USDJPY- Journey towards 110.30--110.75

FX:USDJPY   U.S. Dollar / Japanese Yen
109 3 5
The Bounce back as expected from 107.68 was true but prices hovering around 108.60 for quiet some time suggesting that we could have W-X-Y             structure .
Where are we standing currently-
a-b-c for W is complete & currently X-wave triangle is going on which is incomplete & could be a challenge for traders because price will swing in narrow range before it breaks out from upper boundary for another leg upside as Y-wave
Ruin Point -
Structure becomes invalid if prices go below 108.56
Who ever missed the bounce can join the rally in this triangle with strict stoploss-108.56 for targets 110.30--110.75.

Triangle could test your patience -One should try to buy in the range 108.63--108.67 as close to 108.56 so we lose less if stoploss gets hit.
Trade closed: stop reached: I already warned that X-wave is always tricky & we should not regret losing 7-10 pips where we have already made 360+ pips -who ever traded with my idea when it was@111.15 (taking short & booked@108.15)..Later bought & exited@108.70
Best Regards,
Abhishek H. Singh, CMT
India Regional Manager
| LinkedIn
India Markets-BSE, NSE chat room- https://in.tradingview.com/chat/#b4sFOMIVqPkq8gfQ
Mr Jindal Gautam...Thanks for your advice...I am already 360 + pips in my account & if I tried to trade X-wave which can be complicated as mentioned & also suggested that we should regret if sl hits because we trying to buy very close-Sometimes we have to take the risk...
AbhishekHSinghCMT AbhishekHSinghCMT
sorry ...we should not regret...
trying to find a 20 pip bottom / stop loss on a pair that moves 250 pips in a day - Abhishek - Stop Wasting Everyones Time
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