This pair has turned . 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 C wave. As you can see, I am projecting that it will end at or near the completion of the larger POTENTIAL @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 (green) to the picture that is coming off the completion of the wave (iv) and where wave v started. I believe this 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 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 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.
MY TRADE PLAN
SHORT. Short. Short. SHORT! I have added another SHORT trade to my short positions that I already have by way of the new POTENTIAL (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 ( ) 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.
Year-to-date Profits: +5,794 pips.
USDJPY FULL Report (Subscription Required): http://bit.ly/2ttcCTV
This Month In Indexes newsletter: http://bit.ly/2tGqpcy
Want results like this? Join us: http://bit.ly/29x4bfM