ironcondor
Short

USDJPY 15M short | Evening Star Pattern

FOREXCOM:USDJPY   U.S. Dollar / Japanese Yen
Candle Pattern: Evening Star
Trend: up
Trend Entry: against

TP/SL Ratio Target: 3 to 1
Target TP PIPs: 60
SL PIPS: 20

Fib Entry: 1+
Fib TP: .50
Stochastic: over-bought
MACD Histogram: contracting up
200SMA: above
Inside EMA/SMA zone: no
BB: top
Pivot Point: R2 && R3

Elliot Wave:
Completion of wave 5
final wave 5 completion of the upside wave, terminating in the wave 3/4 zone of the previous wave down
this also completed a giant ABC correction from the previous downtrend wave.
this may be the start of a new long term downtrend. Looking forward to an ABC correction down to the wave 3/4 area of the current wave.



Notes:

Posted late since position was opened while I was asleep waiting for NFP.

morning star formed after a big upswing.
stochastic showing oversold and having trouble moving to the downside to fully correct
macd still showing upside momentum slowing down.

With NFP coming up at 530am, I have placed an entry 10 pips above the highest swing, looking for a downside retracement around the .50 fib level and above the 200sma

What can go wrong:
NFP is a dangerous play and could completely blow past the SL or have such great volatility that it triggers the SL even though it goes in the correct direction.







Trade closed: target reached: closing at 20 pips so the position is not left open over the weekend
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