JWagnerFXTrader
Long

Tradable Low Formed - Be Nimble

FX:USDJPY   U.S. Dollar/Japanese Yen
1114 20 7
The dip to this morning's low lines up with 2 wave relationships. I redrew the red 2-4 channel lines to 'frame' the potential stopping point for wave v.

The dip was anticipated (see "Channel Support for USDJPY             at 124.50 and 123.00") and reached:

1) 38.2% retracement of wave iii            
2) Equal wave measurement from the June 5 high to this morning's low

As a result, we have a tradeable low back towards 124.75-127. A move above 123.85 creates overlap (see purple dotted line) and seals in an equal wave pattern from the June 5 high. Equal wave patterns tend to be fully retraced.

Note the 2 higher probability options in the notes on the chart. The 2nd option leads to a very large top (see "How Much Juice is Left in USDJPY             Bulls?")
rick.alter.35
2 years ago
grt but purple 5 seems too small? purple 4 ended 5.28 at 22:00 and should be moved slightly to the left ?
abc circle green expanded flat seems plausible..
grt work on a very challenging label count!
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JWagnerFXTrader PRO rick.alter.35
2 years ago
Hi Rick - I appreciate the comment.

Where would you place purple 5 if you move purple 4 to the left?
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DavidRoberts
2 years ago
Great analysis so far JW...thanks for the heads up 2 days ago, but didn't have time to check it out, so missed the way down...am looking at it going back up!
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JWagnerFXTrader PRO DavidRoberts
2 years ago
Thanks David. I appreciate the kind words.

There is a way to subscribe so when new analysis is provided, you can receive an email (of course that works only if you read emails!) Check out your settings on tradingview.com.
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misterpeebles
2 years ago
Likely if US retail sales disappoint.
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misterpeebles misterpeebles
2 years ago
Edit: NOT likely if US retail sales disappoint, my error.
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JWagnerFXTrader PRO misterpeebles
2 years ago
I'm showing +1.2% gain expected for retail sales.

There was a study I saw a couple weeks back that US data disappointments are driving USD weakness more than data strengths leading to gains.

That is what I like about these hot spots on the chart - something gives so it provides good RR trades. Thank you misterpeebles.
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DavidRoberts
2 years ago
How do you expand these charts, I cant read the notes? Thanks!
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JWagnerFXTrader PRO DavidRoberts
2 years ago
At the bottom of the chart, you should see + and - buttons...they'll allow you to zoom in and out. There also a refresh button as well. Let me know if you are still have problems.
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DavidRoberts JWagnerFXTrader
2 years ago
Thanks Jeremy...but those buttons only expand it horizontally for me, so I still cant read it. Is it a problem my end maybe?
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JWagnerFXTrader PRO DavidRoberts
2 years ago
Ah, try this. Place your mouse over the price axis on the right. Left click on the price axis, hold the click and move your mouse up and down. That will rescale the pricing on the vertical axis.
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DavidRoberts JWagnerFXTrader
2 years ago
Sorted!! Easy when you know how! Looking forward to the webinar later! Thanks!
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JWagnerFXTrader PRO DavidRoberts
2 years ago
Excellent - got your Gold and Oil analysis out towards the end of the webinar. Cheers!
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DavidRoberts JWagnerFXTrader
2 years ago
Much appreciated Jeremy. This webinar is a great source of learning for me! I watch it right through on theMonday night, and spend the next 3 or 4nights studying it in depth, and uopdating my charts etc :)
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This pair is hugging the red 2-4 channel line. The behavior around this line will dictate the near term trend.

A break below the line warrants caution.

snapshot
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JWagnerFXTrader PRO JWagnerFXTrader
2 years ago
Finally getting a meaningful move higher off the 2-4 trend line. The stop loss can be moved to 123.30 which is where the current 2-4 line is located. A break below the red 2-4 line suggests something else is at play.
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DavidRoberts JWagnerFXTrader
2 years ago
Its on the move! Do you recommend leaving this trade on for the FOMC later today? :)
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DavidRoberts JWagnerFXTrader
2 years ago
Still think the equal wave will fully reverse on this one Jeremy?
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JWagnerFXTrader PRO DavidRoberts
2 years ago
Well, my confidence is lower than when originally posted, but yes. As mentioned in Monday's US Opening Bell webinar, it appeared to be putting in a bullish 5-3 sequence on the 15 minute chart. Today's high tagged the bottom side of the old 2-4 line so this one is questionable. Looking for more clarity via 5 wave sequences, equal waves, or triangles.

snapshot
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DavidRoberts JWagnerFXTrader
2 years ago
MANY THANKS!
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