Keep in mind that I am VERY on this pair and am looking for a MAJOR move down (see Related Ideas: "ANALYSIS: USDJPY: MAJOR Trend Change Forthcoming? ") so this LONG trade is just to catch a few pips on the rebound and nothing more. I will be looking for a good opportunity to get SHORT again and add to my overall SHORT positions.
Here's the view of the structure level that I am trading from:
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!
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So am I saying wave 1 is nearly over? This is why I am trading off this structure. It's the structure that I projected may initiate the rebound to retest the highs. Of course, I could be completely wrong or partially wrong (partially right?) but I must trade my plan and what I see. Remember, when trading off structure, you are NEVER trading off any single price point but a structure support/resistance range. So must also take the risk according to the TF you are trading from. Again, in this case, the 4hr TF needs more room to work. GL!