Are you about to answer yes or no? Well, the proper answer should be NEITHER! Why? If you paid attention to my previous posts on USDJPY, then you should know that I had already warned against doing any trading on this pair until the correction is over. I had posted about this before not because I was offering a free trading signal. No, I posted because I wanted to teach the value of PATIENCE! Patience is one the traits of all successful traders and learning to "sit on your hands" is just as valuable as knowing when to trade. Preserving your money is just as important as making money after all.
So again, because I'm trying to hammer into you the importance of being PATIENT, I am posting this again with an update on this election day in the USA. I wrote on my chart update that I sent out that today was probably not going to see much action in the USD-crossed markets because the market is likely going to wait until it gets a clearer picture of the results of the elections. And don't forget that there is also the FOMC this week as well. Taken together, it would not be surprising to just see most markets just swinging up and down and move sideways.
So how does that tie into my wave count that I have been following for awhile now. That wave count indicates to me that prices are currently in a corrective wave which I labeled a wave b. To remind you of what I said and posted a few weeks ago, this is what I said back then:
"BE PATIENT and WAIT for the wave B to finish and then look to trade the wave C down! Can you do that? BE PATIENT? Remember, NOT trading is also an action! Preserving your money is just as important as making money!"
Here's the link to my original post from a few weeks ago:
So if you see my updated main chart above, you will notice that I still have prices working in the wave b. So what does that mean? It means to "BE PATIENT" and just wait! My chart and that wave count that I been following for weeks agree with what I said above about today's election day and this week's FOMC......that there is NOTHING TO DO HERE except to sit on your hands and wait!
Want more information on this idea and others? See my links below.....
Comment
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So prices have now continued to move higher and is now targeting the .886 fib around 114.200. As I have tried to keep telling anyone who would listen, THIS IS NOT A TIME TO TRADE THIS! You MUST be PATIENT and WAIT until there is confirmation that the wave B is completed. Right now and up till now, there has not been any such confirmation. So the thing to do is "SIT ON YOUR HANDS"! When there is bearish price action, that is when I will look to take a trade. Not until then.
@maksoy, just because it reaches any level does not mean you should trade. This is something that only amateur traders do! When it reaches a certain level, it means only to PAY ATTENTION. Not to trade. I execute trades based on price action. Not any level. So if price action tells me to take a trade and there is a good risk:reward for that trade, then that is when I execute the trade and tell all my followers about it. But not here.
FXCM
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We have a bullish view bias on USDJPY. If it breaks out of its horizontal overlap resistance at 113.56, it could signal a further move up. Ichimoku cloud is showing signs of bullish pressure. Here’s our idea!
Brat_
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Sell or buy? I think the close of the day to wait
Brat_
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Good day! Thanks for training. I understand that patience is very important in trading. But still earn not work, the losses are constantly higher then the possible profit. The market is constantly some feints in one direction and then the other. Apparently I have a big risk on the deal.
EverythingForex
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@Brat_, Patience is of course just one piece of the puzzle. You can be patient as much as you want but without knowledge about what to do, patience means nothing. You also need strong work ethic to put in the work to analyze the market. The courage to pull the trigger when the conditions are right. The perseverance to stay with your trading plan. And the humbleness to admit that you were wrong and make the changes necessary as needed but the skill to know when you should and when you shouldn't.
So as you can see, anyone who says that trading is easy? RUN! Don't just walk away! Trading when done the RIGHT WAY is very profitable and rewarding. If a person is just lazy and just want someone else to do all the hard work and just want to be told when to buy or sell? Well, that person will never be a successful trader. That person will always just need to rely on someone to feed them. Never feeding himself.
If you are always finding yourself with losses higher than profits, then you know you are doing something wrong. Don't keep doing the same things over and over and expect anything to change. It won't.