tntsunrise
Long

USDJPY LONG ENTRY AT 120.23

FX:USDJPY   U.S. Dollar/Japanese Yen
1991 12 56
USDJPY             Long Entry
Long at 120.23
This is the 0.618 level
and also the prev structure.
SL below 120.00
TP1: 123.75
TP2: 125.00
Trade closed: stop reached: stopped out at 119.90, now is 117.90. it is alwasy important to use stop to pretect our acct.
-33 PIPS
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Looks like the double hill pattern of this summer with less magnitude and the deep pit of July, looks consistent so far.
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I think you caught it too soon, yes there is support here but there is a massive one just below this one at around the 118.90 to 118.70 area which coincide with 3 fibonacci zones which might be a better place for this currency to complete the leg of the current right shoulder while at same time beginning a bigger right shoulder. (Just saying)
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Gene_L kwaziphungula
Yes, seems the level of 118.70 actually can be used as a strong support,but i missed it,so i am thinking whether long USD/JPY around the 119.2 (78.6%) ,because i dont think it is proper to long it again when the price goes to the 118.70(88.6%) which means more bearish...
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Hi There. You're not trading a Harmonic Pattern on this one.
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kwaziphungula DerekUweri71
There is support and a harmonic pattern and if it prove valid can only go as far as 122.10, I think there is a risk of this support not holding as there is a massive one below and one pattern is being completed and another one beginning it final stage of completion. If the support holds it will only be a temporal support that will go as far as 122.1 and come crashing to 118.9
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I entered a long one exactly at this point before reading your analysis. I have a "short" 30 pip stop, just in case.
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i like this, thank you !
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Are you going to re enter?
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yes.pls read my latest trade idea
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Excellent sir,
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STOP LOSS HIT :d
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