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!

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ChatchaiVong
a year ago
thank so much.
Reply
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