Technician
Short

USDJPY: Time for a Correction

FX:USDJPY   U.S. Dollar/Japanese Yen
1274 35 11
Update: first target hit, moved stop to break-even
Closed first half at first target= +90
Closed second half at 102.11= +74

An outside bar on a test of 1.618 extension level and potential reversal zone for a bearish Crab Harmonic pattern . The pattern's target is near the 38.2 retracement level at 101.00. A more conservative target at the low of the outside bar at 101.96. A break above the high of the bar may negate this setup.

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first target hit, moved stop to break-even
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denis.novak.773
2 years ago
You are very good analyst. I also set my trade to break even.
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Technician TOP denis.novak.773
2 years ago
Well, thank you
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denis.novak.773
2 years ago
Do you have skype ?
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Technician TOP denis.novak.773
2 years ago
sorry, not at the moment
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denis.novak.773
2 years ago
when do you think we can achive target ?
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Technician TOP denis.novak.773
2 years ago
Cant say if the trade would achieve my full target, I would worry if price settles and hold back above 102.35.
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denis.novak.773
2 years ago
if it goes above 102.35 then we can see back to daily high right ?
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Technician TOP denis.novak.773
2 years ago
That would increase the chances of a move back higher yeah.
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Technician TOP Technician
2 years ago
But, I don't really care if it will or not, as first target already hit.
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Forex-Social
2 years ago
Right now the market is faster than your comments... =)
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Forex-Social
2 years ago
(our)
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Technician TOP Forex-Social
2 years ago
yeah Today is A BIG day across most instruments
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Forex-Social Technician
2 years ago
Can you elaborate a little bit on that? I just want to learn...
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Technician TOP Forex-Social
2 years ago
I meant today was a very volatile day for markets in general, big sharp move across the board
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denis.novak.773
2 years ago
when would you enter back to buy option and would be you tp ?
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Technician TOP denis.novak.773
2 years ago
Doesn't work that way denis, it is more of trading conditions that trigger a trade for me
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Technician TOP Technician
2 years ago
i dont try to be too smart to predict every move in markets
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Technician TOP Technician
2 years ago
No one can sir
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denis.novak.773
2 years ago
its ok :) I'm still learning... So for example can you tell how you do with money management. If you decide to open trade xxxx with sell and you set 2 targets... When the first target hit, with 8O pips for example.. What you dou ? Do you take 1/2 profit and set SL to breakeven (0) ?
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Technician TOP denis.novak.773
2 years ago
We are all learning, or at least me. Yeah that is exactly what i do , the first target is a bit conservative in most cases, and the second could be a more aggressive one. Stop loss at break even makes me feel less anxious, and taking profits along the way is a good habit
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hiya im a newbie could u comment on audusd please as i respect your opinion thaks
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Technician TOP beavendavis
2 years ago
Hey, this is an earlier post for me, my own view on audusd
AUDUSD Resuming Bear Trend
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denis.novak.773
2 years ago
Thank you for advice
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thanks but what about now ?
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Technician TOP beavendavis
2 years ago
I was just saying to denis that it Doesn't work that way , it is more of trading conditions that trigger a trade for me. But anyhow, i remain bearish below 0.9055-0.9060, but if price manages to settle back above 0.9060 we may see a good upside correction.
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I prefer to close my short term as price has broken-out of an hourly falling wedge.
snapshot
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Technician TOP Technician
2 years ago
**close short position
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AncientM Technician
2 years ago
But price is still in that range....i.e. ups and down without any directional run despite of the yesterday's good US data!
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Technician TOP AncientM
2 years ago
Yeah, but my stop loss was at break-even for the second half, so it was going to trigger stop.
I am biased to hit and run mentality :).
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huntingsniper Technician
2 years ago
Very good early warning for Friday's big jump!
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huntingsniper huntingsniper
2 years ago
I like this technique
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snapshot
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snapshot
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very nice pattern!
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