Reason:
- Evening start formed @ day frame
- Deep crab pattern completed
- Both RSI and Stoch have shown overbought
- USD is weak, Gold is going up
Tp:
- 110.853 @ Point B
- 108.315 @ Point A
- Evening start formed @ day frame
- Deep crab pattern completed
- Both RSI and Stoch have shown overbought
- USD is weak, Gold is going up
Tp:
- 110.853 @ Point B
- 108.315 @ Point A
Comment:
Bearish Butterfly Pattern here, sorry.
Comment:
Price starts to break down and will promptly reaches the target of 61.8% and 1.272% of the CD leg
Comment:
Comment:
right now we are on leg 4... therefore _TP1_ is the goal
Comment:
Comment:
Some fundamental facts:
-This is the USDJPY in the weekly chart, from 2016 until now we are trading in the red zone of the green box. Among level 0.786,0.618 and 0.5 of Fib from the previous downtrend.
- With the chanal analysis, we can see that the price was hitting at level 0.618 at earlier 2018 and now bounced back nicely to level 0.786.
- Altho the pair sharp drop occurred today, there is not enough evidence such as RSI/ Stoch divergency, to support the pair will drop over Point B, and break out the yellow chanal and going down to level 0.5 yet.
-I believe a pullback will happen after the price reaches tp_1 at point B. Because this pullback will complete Elliotte wave leg 5 in the last image above. And it will also complete the CD leg of a Deep Crab pattern in the weekly chart, which will also support the theory of the big drop from level 0.786 to 0.618 then 0.5.
Therefore, please keep an eye on the indicators and be cautious about the drop. I personally would close the trade at Point B _Tp 1 _110.863.
Best luck and safe trading!
-This is the USDJPY in the weekly chart, from 2016 until now we are trading in the red zone of the green box. Among level 0.786,0.618 and 0.5 of Fib from the previous downtrend.
- With the chanal analysis, we can see that the price was hitting at level 0.618 at earlier 2018 and now bounced back nicely to level 0.786.
- Altho the pair sharp drop occurred today, there is not enough evidence such as RSI/ Stoch divergency, to support the pair will drop over Point B, and break out the yellow chanal and going down to level 0.5 yet.
-I believe a pullback will happen after the price reaches tp_1 at point B. Because this pullback will complete Elliotte wave leg 5 in the last image above. And it will also complete the CD leg of a Deep Crab pattern in the weekly chart, which will also support the theory of the big drop from level 0.786 to 0.618 then 0.5.
Therefore, please keep an eye on the indicators and be cautious about the drop. I personally would close the trade at Point B _Tp 1 _110.863.
Best luck and safe trading!
Comment:
Long UJ till 115 now before huge drop