UPDATE #2: TRADE: USDJPY BUY@120.530 Post-FOMC +332 pips

FX:USDJPY   U.S. Dollar / Japanese Yen
793 8 22
Days before the FOMC, I had already predicted that this pair was going to rise. But not because of the pending rate hike. No. Of course there was NO WAY for me to know what would happen with the FOMC! I'm not related to Janet Yellen and don't have "inside information". But I KNEW it would go up. Why? Because the CHART said so! Simple as that. Did I just get "lucky"? Well, if you check my posting history, I do this time and time again! Is that luck? Ok, so I'm troll-ranting again. I gotta stop and get over them, I know.

So to the chart we go. In my last update, prices had already hit the TP1 and I had already taken +142 pips profit and were letting 1/4 of my original trade to continue making me pips. Right now (as of the time of this posting), prices are heading towards my TP2 and that remaining open trade has given me another +190 pips so far. For a total of +332 pips up-to-date. If that's luck, I'll take it!

So post-FOMC, you might call this rise the residual rate hike effect or call it what it is, a wave retrace of the previous wave (3) back up to retest the broken TL just above prices. What kind of wave this is isn't really clear right now. It can be number of different waves but I have temporarily labeled it a 5-wave             wave (A) type impulse corrective wave.

In any case, I'm still looking for this pair to head higher to possibly retest highs before dropping like a stone! Or it may do that A LOT SOONER! Depending on what this wave is. I'll be watching and continuously tracking this pair to watch for what I think is an INEVITABLE MASSIVE DROP yet to come! I invite you to trade it with me!

Though I may not post here quite as often like before, I do continue to post much more to my own Faceb00k group (where I can BAN any TROLLS!). So if you would like to continue to see more of my posts as well as some of my trading tips, join my Faceb00k group at: http://www.faceb00k.com/efxselect (replace the "00" with a "oo")

If you desire to receive ALL my analysis on pairs I trade and cover as well as REAL-TIME trade signals, consider joining my private group and my members. You'll get REAL-TIME trade signals and analysis as the trade happens and discussions those trades live. Interested? Go to: efxselect.com for more info.

My members caught this trade from the very bottom and several other trades just like it! Join the fun! http://www.efxselect.com

Please keep in mind that I am not giving any trading signals or trade calls here. Only providing my own trade thoughts for your benefit and insight as to my trading technique and style. Please don't ask if you should or should not take the trade or ask for stop loss and take profit levels. Any SL or TP given on my trades are my own I have used for my trade and are not recommendations for you to use. If you are not sure, then you do not have a trading plan for yourself in place. I suggest you make one before you continue to do any trading!

If you like my posts and find them helpful, please take a second to hit that LIKE button and follow me so I can know my post was helpful to you. As always, any CONSTRUCTIVE comments are welcome whether AGREE or DISAGREE.
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EverythingForex:He does excellent analysis of currency markets.As a long term fundamental trader I have a deep respect for those here at TradingView that study the currency markets from different perspectives.Anyone who spends their valued time and helps other traders is too be deeply respected.My point being that no matter what school of thought that we come from we all need to keep an open mind and keep learning the liberal arts and sciences from others.It makes us all better traders when we never stop the lifelong process of learning from the success of our fellow traders.
EverythingForex RobertHerdman
thanks for the kind words of support. I just want everyone to know that I don't disparage anyone's idea's at all and also respect all forms of trading. Despite sometimes sounding as if I disdain fundamental analysis, I actually don't. It's only my digs against those fundamental trolls who attack my analysis. NOTE: "attack" not "offering CONSTRUCTIVE COMMENTS". For those that know me better, they know that I DO pay attention to the news and the impact that it has on price action. Not anywhere to the extent that a fundamental analyst will value the news but still, I DON'T discount the news at all.
at first I didn't really like your over excited posting style, but was following you for some fairly decent calls nonetheless. Now I think you might be growing on me... Trolls are just worth smiling over to be honest, play the game and humour them, because they are not going away. Out trolling a troll is always fun e.g. pretend to be super angry - until it's too ridiculous for them to carry on - just a random idea there, take it or leave it.

I agree on this idea in general. I have been hold shorts from 123.6 for weeks, it's been agony, was hoping to get some resolution from the rate hike, and totally missed the obvious hedging opportunity that this trade is based on due to my tunnel vision :)

anyways, keep up the good work
I would say, RE the correlation with sp500, there is a risk that we make new highs on the daily. But still expecting another nice downswing.
I wasn't like that until these damn trolls started getting to me. But you are right, I need to ignore them and calm down. But to be real, I'm not so much angered by them as much as annoyed. I did pretend to be super-angry when I wasn't really but was amused...for a little bit anyway. but it's too distracting and I get too much into it wasting too much of my time.

Thanks for the advice.
Great chart
Another Great analysis! thank you...
You kick Big Fat Ass Bro!!!$$$$!!!!
Great insight from beginning to end...plus the extremely helpful updates in the middle$!$!
F#*K a troll....Keep the awesomesauce comin....Dueces
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