AbhishekHSinghCMT
Long

USDJPY-- Bullish Again till 106.75 (Brexit- Don't Be Scared!)

FX:USDJPY   U.S. Dollar / Japanese Yen
69 0 6
In Last Update of Dollar Yen-Explosive 3rd wave Rally --I was clear that 1f 107.50 high--is taken out -we shall start explosive rally on upside for 111.45 area..which never happened --107.50 was intact ...infact 106.35 which was one of the key levels was broken & retraced deep-I thought it will hold 105.54 which was short target downside. Pair even broke 105.54 which was very important level for me. Let us come back present scenario...

Where are we standing currently--106.70

Alternative -1: Taking bracket Yellow Wave Count..
From bottom 103.58 to recent high@105.05--Wave 1 is done & we are moving into 2nd Yellow Wave which is WXY combination...X wave could top@104.77...Not confirmed yet...once it pair goes below 104.60--X-wave will be confirmed & we shall move into Y-wave ....Y wave target could be 104.25--104.30 with stop@ high of X-wave (Giving risk reward ratio of 3:1 approx)...In the zone 104.25--104.30..Y wave
will be 61.8% of W-wave but it can stretch to as low as 104.10--104.15....
Trading Opportunity:
Go Short Once pair goes below 104.60 for target 104.25--104.30 with X-wave High as stop loss.
Next Opportunity:
Once pair touches 104.25--104.30 which can stretch to the zone 104.10--104.15 as very good buying zone..any bullish confirmation--one can go long with stop below 103.55 for target 106.50--106.75 & beyond...

Alternative -2: Taking bracket Blue Wave Count
which tells that we are done with 2nd wave@104.31 & Any move above 105.05 shall make this count active...bulls shall become agressive for targets 106.50--16.75 & beyond....

Let me sum up whole idea...brexit or not brexit...don't be scared & let market only show us the way.....

Regards,
Abhishek             H.Singh, CMT
Trade active: Short Trade with profit of 30-40 pips...bought in the zone 104.10--104.15...made a sharp wick downside of 103.95....our stoploss was 103.55....Currently running into 104.85...above our buying zone 104.10--104.15...A Good Buying Zone...Cheers...Let's Hope Dollar Explodes ....Be a Smart Trader & Don't Hold Any Position below Trade Execution Zone 104.10--104.15--Hope so I am not suppose to teach risk management....If Dollar Yen Moves Above 105.05---I will get big smile on my face. Regards, Abhishek H.Singh, CMT
Trade active: 16 Hrs ...IST--23rd June 2016
Boom...Have You Heard The Sound....Dollar Yen on The Way....Having a big smile on my face...I love green candles...& the size...caught at the neck....104.15..Trading Currently @105.30..
Trade active: 17:00 Hrs..IST--23rd June 2016.......Book partial 25% at 105.65...Look to add that 25% back again in the zone 104.65--104.80 or add 25% back again if crosses current high-105.85...Regards, Abhishek
Trade closed: target reached: 8:30 Hrs..24th June 2016---Dollar Yen Touched 106.75...& a sharp fall to 98....No one expected...This reminds that stop loss plays crucial role before any event..time & again ...market teaches us lesson but we forget that lesson to get market shock...Regards, Abhishek
Best Regards,
Abhishek H. Singh, CMT
India Regional Manager
http://in.tradingview.com
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