FX:USDJPY   U.S. Dollar/Japanese Yen
827 11 14
9 months ago
Longer term I expect USDJPY             to reach 107, however short term I expect at least another leg higher within this correction of larger degree.

I will be looking for a buy opportunity from the lower time frames to target 116.
At the moment we see an impulse on the 15 min time frame of lesser degree and I will be looking for a consolidation on 15 min time frame to end by means of a bullish continuation Price should in that case not take out the low of what is currently counted as wave B.

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9 months ago
Comment: Let's see whether price consolidates after the impulse higher from the double bottom zone. If we see the continuation higher buy USDJPY for 116.

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9 months ago
Trade active: Hope you guy's didn't miss this trade. We saw that consolidation of lesser degree finding a bottom at 112. I'm long with 2 entries and both are at break even now. I target 116. each consolidation up to that level is another opportunity as long as structure doesn't change. My stops are alway's below the consolidation where I bought out of. Hence an incredible risk/reward for this trade so now I have to wait and see how price unfolds. Good trading

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newbie2016
9 months ago
when you say not take out the low... do you mean low of friday or low of 110.97? thanks
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TimStuyts newbie2016
9 months ago
I refer to Friday's low, if we do the process has to start all over again in terms of looking for a reversal structure. However I believe that a break below 112 will result in at a double bottom. This is a good area for the reversal so let's see whether we get it.
Hope this answers the question.
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newbie2016 TimStuyts
9 months ago
i also think for doube bottom below 112 or another test of 111 close to 111.4 if 112 cracks down.. so far uj seems good opportunity for long side.
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newbie2016 TimStuyts
9 months ago
thanks for detailed reply.
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TimStuyts newbie2016
9 months ago
You're welcome!
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wangbujun
9 months ago
good wave of C, I dont know where is the start point of wave C!
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TimStuyts wangbujun
9 months ago
Not sure whether I understand your comment. The start point of wave C is the end of wave B. So for now I count the end of wave B at 112.98.
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TimStuyts TimStuyts
9 months ago
sorry 112.298
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TimStuyts
9 months ago
First trade got taken out at break-even, however the structure didn't change and I'm looking for the same kind of set-up for a buy. Want to see an impulse of lesser degree and consolidation before buying the continuation.

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TimStuyts
9 months ago
Update

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TimStuyts
9 months ago
This pair takes its time for the likely reversal. This is what I'm looking for regarding a buy trade. For now I don't want to see a break below the low at 110.96 in terms of the Elliott Wave count.

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