fxmillions
Short

USDJPY buy on pullback and then short

FX:USDJPY   U.S. Dollar/Japanese Yen
588 23 7
I have marked this idea as short because the major move expected is a sell. Well, until price reaches the upper trendline structure, its a buy. But I will be looking for pullbacks and corrections on lower timeframes for more entries.

For a detailed forecast of this D leg of the triangle refer to Contracting triangle in the making USDJPY

This is not a trade call, but only my opinion and forecast of the pair for medium/long term.
cc1 PRO
a year ago
C cannot go farther than A
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fxmillions cc1
a year ago
In a triangle? Really? Never heard of that rule.
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moorekapital fxmillions
a year ago
My take from your chart, is a contracting triangle with the normal 5legs. It could be multple legs, otherwise, we're still in a trading range, at least, looking things on this chart alone. If you can extend your trendlines into the future, you would be happy tomorrow, what you have done today.
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fxmillions moorekapital
a year ago
Thanks. Most of the pairs are in huge corrections. I will adjust my forecast accordingly, when I see a change in structure.
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cc1 PRO fxmillions
a year ago
Not sure if you're being sarcastic but this rule is the most basic of all in EW.
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moorekapital cc1
a year ago
Very well.
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moorekapital cc1
a year ago
The thing I hate about EW. Ppl with different versions. I found my own way to look at charts, and I careless about what Experts say these days.
+1 Reply
fxmillions moorekapital
a year ago
I couldn't agree more. Its ok to have different counts and different versions. I more than welcome constructive criticism. If someone says I'm wrong thats fine by me. But he has to give me the correct version or at least a resource to learn and correct myself.
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moorekapital fxmillions
a year ago
That's more like it
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cc1 PRO moorekapital
a year ago
With no rules then everything might as well be interpreted randomly.
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fxmillions cc1
a year ago
Ok. But enlighten me. which rule am I missing. Sorry if I offended Elliott by naming this as a triangle. None the less, this is the structure I am expecting. Show me what is correct and I will take your comment as constructive criticism.
+1 Reply
cc1 PRO fxmillions
a year ago
No problem, I'll tell you. In EW point C and E cant go past A to be a valid triangle. To me this looks like a w-x-y correction where w and y are both 3 wave moves and x is some wave in between.
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fxmillions cc1
a year ago
How do you explain expanding triangles?
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cc1 PRO fxmillions
a year ago
An exception to the rule. It happens but it's not very common. Your chart doesn't have the right look for that one either.
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fxmillions cc1
a year ago
Ok thanks.
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jhakas
a year ago
Before coming down to 119.2.. i think uj will remain supported above 120.5 for hitting 122.2 then after consolidation i expect it down..

snapshot
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fxmillions jhakas
a year ago
Thanks jhakas, you have some detailed forecast. Nice.
+1 Reply
jhakas fxmillions
a year ago
I will be looking to buy uj after market open for target above 122..
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fxmillions jhakas
a year ago
I will be watching it @market open, and only take trades if it pulls back to the "bottom trendline of the D leg (not marked in the chart)."
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jhakas fxmillions
a year ago
I will be selling from your D Point.. but after buying.. we have nice fundamentals now behind uj.. and for short time it will continue upside.. without giving much retracement..
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fxmillions jhakas
a year ago
Its a daily chart. So there is still some meaty trades to the upside. But I dont look at fundamentals. They confuse me.. :)
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jhakas fxmillions
a year ago
from last few mondays.. uj usually turned up first then pullback...
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jhakas fxmillions
a year ago
here is now entry point..

UJ Buy Limit 121.15 with TP. Towards 122 and 122.4
+1 Reply
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