EverythingForex
Long

QUICK ANALYSIS: USDJPY: Scenario #2: ABC 5-3-5 ZigZag Wave 4

FX:USDJPY   U.S. Dollar/Japanese Yen
280 1 7
Under this scenario, we will see a much larger wave 4 retracement of the wave 3 possibly up into the 123's price territory before wave 4 comes to an end. At the very least, I would expect prices to reach into the 122's and complete the POTENTIAL bearish butterfly before ending wave 4 and reversing to start the wave 5 down. But wave 4 CAN get to the bearish bat before reversing and still respect the wave 1 price territory.

Here's the 4Hr view of this scenario:
snapshot

MY TRADE PLAN
This is actually my preferred scenario. I am actually going to take a LONG position following this scenario because of the possibility of catching a wave 3-type move up towards the butterfly pattern . However, I will be watching price action very carefully as per the cypher and the upper TL of the triangle per my scenario #1 (see Related Ideas: "QUICK ANALYSIS: USDJPY: Scenario #1: Contracting Triangle Wave 4 ").

*DISCLAIMER:
Please keep in mind that I am not giving any trading signals or trade calls here. Only providing my own trade thoughts for your benefit and insight as to my trading technique and style. Please don't ask if you should or should not take the trade or ask for stop loss and take profit levels. Any SL or TP given on my trades are my own I have used for my trade and are not recommendations for you to use. If you are not sure, then you do not have a trading plan for yourself in place. I suggest you make one before you continue to do any trading!

If you like my posts and find them helpful, please take a second to hit that LIKE button and follow me so I will know my posts are useful to you. Doing so will encourage me to post more! As always, all constructive comments are welcome. Agree or disagree.
Performance Summary & Public Trade Log: http://bit.ly/29AeqnC
Sep 18th Weekly Indexes newsletter: http://bit.ly/2w2ODMH (FREE Access)
Want results like this? Join us: http://bit.ly/29x4bfM
thank so much.
Reply
United States
United Kingdom
India
Deutschland
España
France
Italia
Polska
Brasil
Россия
Türkiye
Indonesia
Malaysia
日本
한국
中国
Home Stock Screener Forex Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Priority Support Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing Priority Support Ideas Published Followers Following Private Messages Chat Sign Out