USDJPY- An Upcoming Triangle

FX:USDJPY   U.S. Dollar / Japanese Yen
112 1 7
What is our current position in USDJPY            
Since the pair hit low@107.68--It has been moving zigzag up & down so many times & prices are moving into triangular shape- which could be plausible scenario -in that case we should be ready to sell below 107.50( but have patience currently as the structure is incomplete-incase you trade incomplete structure -there are chances that we will burn our hands & go crazy....currently, 2nd wave in d-leg is touching falling trendline-“a-c”.
Triangle has 5 waves—a-b-c-d-e & all these waves are internally divided into 3 waves again (Actual Traingle Shape in Trading Arena)

Plan- or Strategy
Triangle has 5 internal waves a-b-c-d-e             ....I can see only "c" wave completed so let us wait for "d" wave to complete which will touch previous low zone of 107.60--107.70 & bounce back once again for "e" wave which should not exceed "c" wave top@108.43....once "e" wave touches falling trendline which is coming from a-wave             & passing through "c"-wave ...extended further could be resistance for "e" -wave (upcoming).

Execution-- There are few opportunities:
1st opportunity-"d-wave could touch previous low zone 107.60--107.70 & bounce back for "e-wave so one can trade short for "d" wave with strict stop loss@108.43.. currently, we are in 2nd wave of "d-leg"--once you get bearish candle--you can go for execution.
2nd opportunity-"e"-wave can bounce from 107.60--107.70 to get resistance from falling trendline "a-c" for booking profits.
3rd opportunity--" once we get bearish candle on falling trendline or keeping stoploss@c-wave top:108.43---one can go short for boom...If this it breaks horizontal range 107.60---107.70....Guys be ready for the party---Remember the wave which starts has to be fast go below traingle base.
Risk Management
Don't forget- Risk Management has to be strong if you want to be happy & smiling...Keep smiling & make others smile.
Till then take care-- Have a nice trading day.
Regards, Abhishek             H.Singh, CMT            
Best Regards,
Abhishek H. Singh, CMT
India Regional Manager
| LinkedIn
India Markets-BSE, NSE chat room- https://in.tradingview.com/chat/#b4sFOMIVqPkq8gfQ
There is a bearish gartley pattern as well between C-leg top@108.43 & running D-leg of the triangle which completes as 108.29(78.6%)....Regards
EN English
EN English (UK)
EN English (IN)
DE Deutsch
FR Français
ES Español
IT Italiano
PL Polski
TR Türkçe
RU Русский
PT Português
ID Bahasa Indonesia
MS Bahasa Melayu
TH ภาษาไทย
VI Tiếng Việt
JA 日本語
KO 한국어
ZH 简体中文
ZH 繁體中文
Home Stock Screener Forex Signal Finder Cryptocurrency Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Contact Support Ideas Published Followers Following Private Messages Chat Sign Out