I tried to count on USDJPY and currently i see a wave 5 coming up within next weeks/months. I would not trade USDJPY to downside at the moment.
This is just my opinion, not a suggestion to buy or sell.
Thank you! I wish you all a profitable month
Comments
NTrading
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Before you enter long you need to wait for USDJPY wave 4 structure to break, currently i show structure, lower in comments.
kosai19
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Excellent chart! Saved it in my yen folder... thank you =)
NTrading
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Thank you very much! I would be happy to listen your feedback
kosai19
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Sure, one thing I would commend on is that I wouldn't call your W1 correct. Mainly because it's still part of the declining structure (within it's trendline). I would relabel it as a failed W1/W2 or simply put W0 where your W2 is (I think both labels would be correct). Also there's a problem with the size of W3 relative to the W1 you are using. W1 is more likely from where you labeled "(2)" to the first triangle you have (the 103 high). W2 is a also a rising wedge. I should note however that I look at wave theory very differently than most EW traders. I set my projections differently also so my counts tend to look different but are still accurate in general. Here's my chart: .
NTrading
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Thanks for your feedback, i currently using my own personal rules to apply Elliott Wave Theory. Currently my analysis is the following
(corrective structure is changing a bit)
I will only trade USDJPY to uptrend. Even if it is going down for long time, i will be patient and trade it to uptrend
kosai19
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I like your W4. I count waves in an odd way, so with my count that would be a higher degree WB into a higher degree WC. Technically it's not correct Elliott Wave theory except I am using the underlying psychology behind what defines a wave structure. It has to do with a property of corrective structures that I discovered years ago.