USDJPY: Wave 3 Has Begun.How To Catch It? POTENTIAL Bearish Crab

FX:USDJPY   U.S. Dollar / Japanese Yen
654 14 10
So you missed the boat and it took off without you? Always another opportunity around the corner. I confess that I also missed this boat trying to squeeze just a little more juice out of that lemon. So now I am also looking for a way in.

So here's a possible play. I have here a POTENTIAL bearish crab that would complete right to the pip of the .886 retrace of the last impulse leg down from the high established back on June 5th (125.846). This confluence is a good chance to catch the retrace back down to the just broken previous structure where...tada!....can get LONG again!

You can play this crab SHORT back down to the structure BUT if you do, the trade MUST be actively monitored as you would be going counter-trend against a STRONG uptrend. Not recommended except for those with a death wish! Ok, maybe not so dramatic but if you do, set S/L tight and be nimble with fast fingers!

In addition, this crab is well within the PRZZ of the larger COMPLETED bearish cypher . More fuel for this trade. Actually, if you are already LONG on this pair, this may be a a level to take off some of the well-earned profits you already made and go buy yourself a beer! You deserve it for catching that move!

I actually will take the SHORT trade as I think it may turn out to be a good trade. I'll dive deeper into this pair and see what's really going on but for now, this is the next opportunity.
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If returned to 12440

I'll take it buy

To your point of sale

Because there is a demand area

At 12440
Yep. That's what I'm looking and hoping for. It'll be a solid structure trade LONG at that point. GL!
+1 Reply
maktoob EverythingForex
Beautiful Movement

I hope you entered

thank you
Thankyou for sharing. This setup looks very promising.
Yw! Just remember, if you take it, monitor the trade!
DavidMoss EverythingForex
Got an entry order in there. I am a little concerned about the previous high to the left, may reduce position size and place a bigger stop.
So close to the pattern completion, I'd wait. But I understand the concern. But for me, selling at the pattern completion is much better r:r. Good luck though!
DavidMoss EverythingForex
Feel free to check out my nzd/cad setup!
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