Fxprotrader
Long

USDJPY Massive Drop About To End

FX:USDJPY   U.S. Dollar/Japanese Yen
882 15 33
The massive drop started with the completion of a deep crab pattern (see the link in the chart) which gave us a tremendous trade, is about to end. Price is in a consolidation moving into a wedge pattern with MACD divergence being present. Perhaps we might have a couple of up and down moves into this pattern but our main focus is a breakout above the pattern for a long trade.

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SteynTrade
5 months ago
Thanks this is helpful. I had traded this long already but see that there could still be another leg down. Will watch for this now and then wait for the break.
Reply
Fxprotrader PRO SteynTrade
5 months ago
Just keep in mind that you should watch for a buy setup to form after the breakout.. I will update when we will have action..
+2 Reply
SteynTrade Fxprotrader
5 months ago
Thanks will watch for this.
Reply
-Andrew- PRO
5 months ago
Thank you for this, just confirmed my analysis. Great work. Will trade the breakout
+1 Reply
Fxprotrader PRO -Andrew-
5 months ago
Ok Andrew, good luck..
+1 Reply
hhc PRO
5 months ago
Hi, now that it tow the lower trendline of the patter is it ready to open long position or what is the setup that we should wait to open long position. Thank you in advanced
Reply
Fxprotrader PRO hhc
5 months ago
No more longs with this one.. The pattern is no more valid
+1 Reply
Gwoog
5 months ago
HUh. I just saw on the message boards of people who were long an hour ago. Can't imagine how much they lost. Wow, the power of words.
Reply
Fxprotrader PRO Gwoog
5 months ago
If you saw people say "i am in", this trade was an unsuccesful one. But as for the amount they lost it all depends on the money management they use. A for me this i never went long on this pair as there was no setup based on my strategy and this wedge pattern is no more valid.. Thanks for your comment Gwoog
Reply
ForexWow
5 months ago
Hi, as it now seems to have broken down of the channel, do you consider the above idea invalidated?
Reply
Fxprotrader PRO ForexWow
5 months ago
That's right.. This pattern is no mo valid..
Reply
mustard
5 months ago
OK the pattern failed, as did the double bottom, FOMC wins again.

Looking at the bigger picture, the timing may be right for a correction.

One thing is for certain, it will eventually get back inside that same wedge, it is just a question of time.

USDJPY Recovery
Reply
Fxprotrader PRO mustard
5 months ago
Losing is part of the game, right? It's ok.. I agree that we should have a correction
Reply
mustard Fxprotrader
5 months ago
Never said anything about losing, you only lose if you close a trade with a loss.

Just to confuse the issue, at any point in time I have both long and short positions on USDJPY and do not plan to have any losses on them.
Reply
Fxprotrader PRO mustard
5 months ago
Aha..! Sorry mate i didn't get it.. Good luck with this one, thank you for your support and comment..!
Reply
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