USDJPY: Wave (v) down has begun. Currently in a wave iii.

FX:USDJPY   U.S. Dollar / Japanese Yen
585 5 16
I get asked a lot about why I don't trade more pairs. My answer to that has always been that by concentrating on less pairs, you can get a really good sense of the limited pairs you follow. This is a very good case in point. I've been closely monitoring and following this pair for a very long time and when you do that, you just get a good rhythm of the market. Since this pair has hit it's highs and started it's decline which I foretold about more than 2 months ago, I've posted nothing but winning trades to the tune of over +2200 pips. And all in the span of less than a month. Just on this one pair! If that is not a good convincing reason to NOT divide your attention to following and trying to trade too many pairs, I don't know what would be. Yes, so I miss out on some very good opportunistic elsewhere. So what? I'm banking big pips here! And if I were to have divided my attention elsewhere, maybe I would; ve             missed some great trades here, right? Ok. Enough with today's lesson....

This pair has turned bearish . No question about it. And there is also no doubt in my mind that there is MUCH MORE downside to go in this pair LONG TERM. But for now, I'm interested in where the next reversal will be and where I should take off ALL my SHORT trades i have accumulated on this pair so far. That answer could be coming up soon when prices complete this wave v of the ABC zigzag C wave. As you can see, I am projecting that it will end at or near the completion of the larger POTENTIAL bullish crab @113.940. At that point, I would expect that the commencement of a upward 3-wave             abc corrective wave that will take prices back up to possibly even retest the highs.

I have also added a POTENTIAL bullish crab (green) to the picture that is coming off the completion of the wave (iv) and where wave v started. I believe this crab will define the current wave iii             of the wave (v) move down.

DAILY CHART - Overview Of Trades
I post this chart to keep a running trade summary off this pair. Easier way to keep track.

4HR CHART - Overview Of The Current 5-wave             wave C Decline And Possible End
By my wave count, the current move down is the wave C of an initial ABC 5-3-5 Zigzag decline of a much larger corrective phase lower in this pair. I'm projecting the 5-wave             wave C to complete at or near the completion of the bullish crab I have drawn on the chart. At that point, I would expect another corrective ABC-type wave (3 waves) back up to possibly retest the highs.
SHORT. Short. Short. SHORT! I have added another SHORT trade to my short positions that I already have by way of the new POTENTIAL bullish crab (green0 that has appeared upon the start of the wave v down. I am going to be holding onto all these SHORT positions until the larger POTENTIAL Bullish crab ( Daily Chart ) is completed. At that point, I MAY close ALL my positions and take profits anticipating a LONG move back up in 3-wave             corrective pattern back up into the highs.

Please keep in mind that I am not giving any trading signals or trade calls 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 or ask for stop loss and take profit levels. Any SL or TP given on my trades are my own I have used for my trade and are not recommendations for you to use. 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 constructive comments are welcome. Agree or disagree.
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Great Man
Hey man! Thumbs up! You do really incredible things: trade and teach, teach and trade! Very thorough analysis with different models.
Keep it up!
You're welcome and have a great weekend!
if anyone has followed you for any small significant time- ive just followed you in the last couple weeks- they would know that you've been on point with your predictions. Or they're too busy monitoring too many pairs to see youve provided with enough great info and profitable trading opportunities. I definitely believe, unless you're a seasoned vet, with a profitable trading history that one should also stick with small pool to better understand how those few pairs move. i look forward to learning more from your informative posts. Have a good weekend
+1 Reply
Thanks for the compliment and you're welcome! You also have a great weekend and let's start making the pips again next week!
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