QUICK UPDATE: USDJPY - Potential Patterns Unfulfilled. Now What?
So the last time I discussed about USDJPY, me and my members were in a SHORT trade on this pair since Dec. 19th and looking for this to head lower to possibly fill out a Bat and a Crab patterns. Well, it hasn't worked out that way and now I don't see those 2 patterns being filled. Nobody said any patterns MUST fill and advanced pattern trading DOES NOT suggest trading on POTENTIAL patterns. Advanced pattern conversions are based ONLY on completed patterns folks! But that being said, if you know what you are doing, you can profit from trading POTENTIAL patterns! As we did here...
We exited our SHORT trade on Dec. 29th as prices reversed and hit our stop profit level @116.680 giving us a nice profit of +142 pips. This is a lesson that everyone needs to take note of that at certain point in your trade as you CONTINUOUSLY re-analyze the price action and the trade gets past certain levels, you should move to protect your positions! Because you NEVER can be too sure of what is going to happen!
So now that prices stopped us out of our trade in profit, I had to reanalyze what was happening as I do whenever I get stopped out. Whether for a loss or profit. Because if I get stopped out, that means that price action is NOT going the way I projected it would and that stop has something to tell me! If you place your stops PROPERLY, stops ALWAYS reveal something about what is happening! If you only ever place stops just according to what you can afford to risk, you will learn NOTHING! That is NOT that proper way to place stops, folks!
What you see here is what my current primary scenario is for this pair. It could quite possibly be working its way through a flat wave 4 before moving higher again in a wave 5. So what I'm looking for here is for prices to fall according to my projections and then look for a chance to BUY into the next impulse wave 5 up.
There is another ALT scenario that I have on this that shows wave 5 ALREADY in progress but for now, that will remain my ALT scenario.
We exited our SHORT trade on Dec. 29th as prices reversed and hit our stop profit level @116.680 giving us a nice profit of +142 pips. This is a lesson that everyone needs to take note of that at certain point in your trade as you CONTINUOUSLY re-analyze the price action and the trade gets past certain levels, you should move to protect your positions! Because you NEVER can be too sure of what is going to happen!
So now that prices stopped us out of our trade in profit, I had to reanalyze what was happening as I do whenever I get stopped out. Whether for a loss or profit. Because if I get stopped out, that means that price action is NOT going the way I projected it would and that stop has something to tell me! If you place your stops PROPERLY, stops ALWAYS reveal something about what is happening! If you only ever place stops just according to what you can afford to risk, you will learn NOTHING! That is NOT that proper way to place stops, folks!
What you see here is what my current primary scenario is for this pair. It could quite possibly be working its way through a flat wave 4 before moving higher again in a wave 5. So what I'm looking for here is for prices to fall according to my projections and then look for a chance to BUY into the next impulse wave 5 up.
There is another ALT scenario that I have on this that shows wave 5 ALREADY in progress but for now, that will remain my ALT scenario.
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Twitter: @andrewefxselect
Website: www.efxselect.com
