Akkard
Long

USDJPY long idea

FX:USDJPY   U.S. Dollar / Japanese Yen
Hello everyone, i will be posting here my ideas, so i can keep track of them.
Why i dont publish in private? Because i am open to any suggestion, so if anyone wants to tell me something about the idea i published, i will be glad to read what he or she has to tell me !

In this case i am posting the pair usdjpy             , which seems to be on a corrective structure. On the 1H chart there is a clear impulse up (arrow) followed by a correction, so buying when the trendline is broken should be a good idea.
I will stop looking for buy setups when price goes below previous low of the impulse up.
Comment: Here is the 4H view. I am choosing to label the correction with X's just to simplify the idea.
Order cancelled: Setup no longer valid.
Comment: Because of the recent price action, the previous setup is no longer valid, instead we have this one, supporting the same general idea of going up for another corrective move, or even, at the best scenario, breaking up this corrective structure and going for another impulse. In any case, if we see a clear sign of a move up, i'll keep my stop close, and at the first given possibility, move to break even, waiting for the best. For the moment i am keeping the same trendline of the previous idea to tell me when there is a possible move up..
Thank you again for reading.
Comment: Finally i've take a long position on this pair, at 121.4 and stop just under the low.. lets see how it goes
Trade closed: stop reached: Stopped out, i might have enmtered too early ,and it could still go up....


Any comment on this resistance line?

Could you show the entry price and exit price?
Reply
Akkard ghlam86168
For the resistance line, it could be broken or not, but it does not matter for me because the trade on the 1H should give enough room to break even, and even lock in some profit before touching that line.
For the entry price, i dont have an exact entry price, i will look for price breaking the trendline on the 1H chart (1 or more candles closing clearly above the trendline) and the only invalidating point of this setup will be if price goes below the previous low.
This setup is taking more time than i've expected, so the chances of it being a succesful trade are slowly decreasing.
Now its bed time here, so i will set a pending order at 122.800 because ive been monitoring this pair all day, and i dont want to miss it if it goes up,
Thank you for taking the time to read my chart, hope i answer your questions. Have a nice day.. or night!
Reply
Thanks for the info. I also focus in this pair.

In the 1H chart, it is now in sideways. Is this a wave 2 or wave 4 by Elliotte wave theory? Or wave B? If so, it will break the 4H resistance line.

Using Harmonic pattern, it seems to be a bullish Gartley formed. If the point D is till developing, price of point D will be 122.48 for a bullish Bat or bullish Butterfly. Going further to 122.12 and 121.75 for a bullish Crab. Should we wait 122.34 for the bullish alternate Bat to setup a long position?

Thanks again for your info.

(P.S. I have not much experience in analysis.)
Reply
Akkard ghlam86168
This correction could be any of the waves you said. For me it does not matter that much, because we cant know it until it is finished, the only thing that matter, is that if it is any of them, it should still have more upside. Now price went trough the invalidation point of this setup, so this setup is no longer valid. The terndline prevent us from taking early positions so this isnt neither a loosing or winning trade. This could be a more complex corrective structure, or a change of structure. Now im just waiting to see something clear on the chart.

As for harmonic patterns, i dont use them. But they are a great to help illustrate some kinds of corrections.
Thank you.
Reply
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