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Short

TRADE: USDJPY:2 LONG-TERM Patterns Could Yield 1000+ pips

FX_IDC:USDJPY   U.S. Dollar/Japanese Yen
Two POTENTIAL bullish patterns shown here on the DAILY TF could be showing the coming price decline in a wave (b) of wave A decline. This being a DAILY TF, obviously, this could take a period of several weeks to complete but if it does, it has the potential to yield 1000+ pips in profit! And now may be the best time to get SHORT on this as it would be at or near the very top of this potential decline. It will not be a smooth drop down but rather choppy at points so holding SHORT positions near the top would leave positions safe from the fluctuations that are sure to come.

But being this is on the DAILY TF, the drawdown is rather large IN CASE my count and my assumptions are wrong and prices continue higher.

MY TRADING PLAN
I am already SHORT in this market from 125.000 from a previous SELL on a bearish crab completion which I has posted before (see Related Ideas: "UPDATE #3:USDJPY: Crab TP1 & TP2 Hit (+171 pips). Still MORE?"). I am holding those SHORT positions for the long-term till the completion of these patterns or if something else causes me to re-assess the situation. I'll be monitoring the price action all the way down for sure although I fully expect the completion of at least one if not both patterns.

I will be posting a complete ANALYSIS on this pair shortly to which supports the reasons why I am VERY BEARISH on this pair and why I am confident prices will decline.

*DISCLAIMER:
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. 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.


*DISCLAIMER:
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. 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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