ANALYSIS: USDJPY - Let's Go Surfing! Wanna Catch A Wave 3?

FX:USDJPY   U.S. Dollar / Japanese Yen
481 6 11
In fact, this is a good opportunity to BUY because we are looking at a wave 3 right now if my wave counts are correct! Wave 3 may have already started. So this would be a chance to get in on the "bottom floor" if you will. How so? Let me explain....

What you see on the main chart are 2 patterns: a COMPLETED bullish Gartley and a POTENTIAL bearish cypher . Now as of the time of this posting, they are both still valid. IF prices break below both patterns making them both invalid, then look for prices to head down to the . 618 retracement point (shown in black) and go no further! Why? Because according to my wave count, that point is the end of the wave (i) prior and this retrace is wave (iv) which cannot end inside of the wave (i).

OVERVIEW - Monthly Chart

DAILY CHART - Closeup on the ending wave 5 and Subwaves


Pretty simple really. If my wave counts are correct, this pair is still due for one....more.....push to the upside before starting on a long journey back down in a corrective cycle that could last for months. But for now, it's a good opportunity to grab more pips by following the trend. Ending waves of a cycle are actually the easiest to trade because you know you are near the end. Not guessing. As a matter of fact, if my wave counts are correct, I already KNOW where it might end but know for sure what point it CAN'T go beyond.

I'm hopping on board this last train up. It's also easy to know if I am wrong. If prices drop below the .618 limit, then I will know my count is wrong. In which case, I will again re-assess the situation. But if I am right..........$$$$!

Please keep in mind that I am not giving any trading signals here. Only providing my own trade thoughts for your benefit and insight as to my trading technique and style. Please don't ask if you should or should not take the trade. If you are not sure, then you do not have a trading plan for yourself in place. I suggest you make one before you continue to do any trading!

If you like my posts and find them helpful, please take a second to hit that LIKE button and follow me so I will know my posts are useful to you. Doing so will encourage me to post more! As always, all comments are welcome.
I Like what you've done here. My count is slightly different and would love to get your thoughts on my charts? I feel it's potentially going to rally a bit higher than 124.65 and then decline to about 121.20 mark - a potential triangle pattern in the making.
This can only be confirmed if we don't make a new high. TBC
Hi Donald, can you post the chart showing the rest of your wave count? Just the picture isn't enough information to know how you came about your count. It certainly seems to make sense though and is a possibility. Only if prices remain below the origination point of your wave (A). Otherwise, I'd favor prices shooting up higher. This pair does like making triangles though. Thanks.
donaldsaw EverythingForex
I totally agree with you and we can't make a new high at point A. In terms of the overall count, I deleted the old workings as I know whats going on what here's a rough count of what I am seeing. In short, I believe we're in the corrective (Potential Triangle) with one more 5 wave count up to make a new high and then a massive drop if this is a triangle is infact a triangle.
Donald, I can find nothing wrong with your idea. In fact, I favor the triangle you have for wave 4 instead of the ABC zigzag I have since wave 4's do tend to be complex in nature. And it also fits better with in terms of correlation with other ideas in other markets I have. I'm going to post this triangle as an alternate count for this pair out to my followers so they can be aware of this possibility. We should know shortly if it will or will not be a triangle pattern. Too bad you don't have a post link. If you did, I'll place a backlink to it in my post.....
donaldsaw EverythingForex
I am only an part time trader so I don't have time to post and spend a lot of time on here but I am happy for you to use my ideas if you wish as bouncing ideas is always good to do. Lets keep in touch and see how UJ develops over the course of today. Either way, im long now and will assess closer to the 125 mark.
thank so much..
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