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.
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.
Trade active
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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
Comments
TimStuyts
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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.
TimStuyts
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Update
TimStuyts
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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.
wangbujun
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good wave of C, I dont know where is the start point of wave C!
TimStuyts
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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.
TimStuyts
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sorry 112.298
newbie2016
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when you say not take out the low... do you mean low of friday or low of 110.97? thanks
TimStuyts
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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.
newbie2016
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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.