Entry = 106.61 TP = 107.42 SL = 106.30 R/R = 2.5
On EW 15 minutes, USDJPY finished wave 3 of 3 and currently in the 4th wave. We are expecting a small retracement to around 106.6 level which is .382 retracement. After that, we are anticipating a move up to 5th wave. We looking to take profit around 107.42, and we will exit this trade regardless at 106.34. This is where price would invalidate our current theory and analysis. According to our trend indicators, all of time frame matched our entry direction.
We will enter at entry as planned. However, if price does not retrace to 38.2 level but go up past the previous high, we shouldn't enter right away as their could still be an irregular correction happening as wave A is a 3 sub waves. Instead we could wait to enter at the retracement of tiny 5 sub waves of wave 1. Also, TP is created for short term profit. Wave 5 of 3 could be an extension wave since wave 1 and wave 3 were a normal wave. The chance of Wave 5 to an extension would be increased if there would be a irregular correction at wave 4.
On EW 15 minutes, USDJPY finished wave 3 of 3 and currently in the 4th wave. We are expecting a small retracement to around 106.6 level which is .382 retracement. After that, we are anticipating a move up to 5th wave. We looking to take profit around 107.42, and we will exit this trade regardless at 106.34. This is where price would invalidate our current theory and analysis. According to our trend indicators, all of time frame matched our entry direction.
We will enter at entry as planned. However, if price does not retrace to 38.2 level but go up past the previous high, we shouldn't enter right away as their could still be an irregular correction happening as wave A is a 3 sub waves. Instead we could wait to enter at the retracement of tiny 5 sub waves of wave 1. Also, TP is created for short term profit. Wave 5 of 3 could be an extension wave since wave 1 and wave 3 were a normal wave. The chance of Wave 5 to an extension would be increased if there would be a irregular correction at wave 4.
Trade active
Trade closed: stop reached