UPDATE: USDJPY: What Next? All I Can Say Is....WT*???

FX:USDJPY   U.S. Dollar/Japanese Yen
324 10 6
Wow. Negative news yet, positive moves. Well, I hope anyone who followed my trade at least took the +34 pips and moved stops to B/E. So no-loss on this trade.

Anyway, it seems the wave 3 could not wait for the E point on the ascending triangle . Usually, when that happens, the next move is pretty strong. In this case, strong enough to pass right through the upper trend line of the triangle which had multiple touches before and was pretty strong resistance. So what now?

As you can see, the bearish cypher has been completed BUT I won't play it. Not now.

Now I'll wait for a retrace back down to that structure and look for a structure trade opportunity. I won't "chase the move". I'll let it come to me. In the meantime, I'll be re-evaluating the situation and see how best to take advantage.
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thank so much...
perfect! i had the same idea...just another xounting :-) Announced Flag Trade filled: LONG
5 days i announced the long trade idea: At this moment the Long Position got filled
+1 Reply
MaryJane MaryJane
Announced Flag Trade filled: LONG

Cool, man! Good trade. I missed it because I wasn't expecting so soon. Although I also had been calling for this 3rd wave a few days now. Just wasn't that sure how it was going to get there. But it did. I'll catch it on the rebound.
MaryJane EverythingForex
:-) Let`s wait and see...the trade hust began :_) Normally i am also waiting fore retests od the breakoutlevels. Here you can reduce a lor of risk. Good trades!
2nd wave cannot be a triangle, so look at this idea of user TradingEW :
USDJPY in correction wave (b)
diamondekk diamondekk
here is a link to this chart:
USDJPY in correction wave (b)
Thanks for your comment. Appreciate the different point of view. Though I have to disagree. It was indeed a triangle. And it actually pointed clearly to a third wave move up. Just took off a tad bit sooner than I expected. Still, same result. Good post though. TraderEW is very good at EW's.
+1 Reply
ISM Non-Manufacturing PMI was a good news for USD so it is normal i guess
Yeah, that could've been the trigger. But this up move was expected all along as per my triangle and wave count. My mistake was trying to squeeze a little more pips on the downside and not paying enough attention to the coming 3rd wave. Well, it seems like it's here but I'll wait for the retrace to get on it. Thanks for the comment!
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