TimStuyts
Short

USDJPY BoJ update

FX:USDJPY   U.S. Dollar/Japanese Yen
663 13 19
Guy's remember that I wrote about the likely corrective structure for USDJPY             because the first impulse had not the characteristic of a wave 1 (not saying we can't go higher but we analyze high probability). Although we saw a bullish impulse from 100 zone we have to keep in mind that a wave C can be impulsive as well, so this is why drawing lines alone isn't enough. Short term look for the way of least resistance as always. Let price consolidate (possible wave 2) and sell the continuation. If we see a reversal ( bullish impulsive reversal) we simply adjust again. Keep it safe and simple so the current market will give you lots of return on capital.

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Comment: I slightly adjusted the wave count, concept remains the same.
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Comment:
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Thanks for sharing your great ideas, I want to ask you about putting profit targets, can I hold the position until I see divergence on lower timeframe as a good sign of trend reversal or at least correction , so I close my trade . I mean , is divergence a reliable indicaion or sign that " it is enough , it is time to get out " ?
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TimStuyts forexstock100
I personally only use divergence as an indication, I always look for confluence. Because otherwise you often will cut your profits short.
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Wasn't that 5 of 1 the longest wave. Shouldn't 3 be the longest
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TimStuyts TomPower
No a wave 3 can't be the shortest wave. However it doesn't have to be the longest. Let's see whether we see a reversal sign on lower time frames then I will update the post.
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TimStuyts TomPower
By the way thanks for bringing this up, although the rules aren't broken I agree with you in terms of what should be wave 3. I see I used my original forecast/wave-count but since we saw an acceleration I should have be more careful with using the original count. I will adjust.
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TomPower TimStuyts
maybe we see a bounce tomorrow for that red wave 2
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TimStuyts TomPower
I updated USDJPY yesterday, let's see if we get a minor impulse on lower time frames followed by a consolidation so we can buy the continuation. IF however we see price consolidating from here we should be looking to sell.
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I think it is making leading diagonal but I don't know we need more confirmation
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TimStuyts forexstock100
This is what you mean?
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If that's the case and I have that scenario as well since we were not able to break below 100.9 again, then we might have a solution for the 4 hour time frame as well by means of another leading diagonal. However on 4 hour time frame the structure will in that case be 3-3-3-3-3.
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But I will prepare a new post for this so I can give some context.
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forexstock100 TimStuyts
Yes , but how come leading diagonal structure is 3-3-3-3-3 which is exclusive to ending diagonal and triangles . Am I right ?
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forexstock100 TimStuyts
Tim, why you labelled the leading diagonal on 4 hour time frame as a-b-c-d-e since it is impulsive wave pattern " leading diagonal " and should be labelled 1-2-3-4-5 as you did with the other leading diagonal on 60 minute time frame .

Thanks for sharing your nice ideas .
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TimStuyts forexstock100
I just posted a new post, both are valid ways to count a leading diagonal. 1-2-3-4-5 is just more common. Let's see how the 1 hour time frame plays out first. Thanks for your input, you made me take a closer look at it;-)!
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Expanding leading diagonal now .
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