WHAT IS HAPPENING NOW?
I'm gonna keep this part nice and short because I have already posted this main chart as a separate post calling for a trade (see Related Ideas:"TRADE: USDJPY: SELL @124.560 Completion of Triangle + 2 Patterns"). You can go see that post for the explanation of the current price action.
OVERVIEW - Monthly Chart
DAILY CHART - Wave Count & Two Patterns
4HR CHART - Showing 2 Patterns
I've also posted this as a separate post (see Related Ideas: "TRADE: USDJPY:2 LONG-TERM Patterns Could Yield 1000+ pips") so no need to waste valuable typing space on explaining this. Just go see that post....
There aren't going to be an overwhelming amount of people who agree with me I think. Why? It's the "boy who cried wolf" effect. So many times, traders have thought the top was in before and got burned that there is
top fatigue" happening. Trader's are now being very cautious about getting SHORT because the "top may be in". Heard that before? The price action at the current highs confirm this. You don't see a HUGE drop going on because the bears aren't convinced yet due to all of the above I just said. Instead, prices are declining steadily and dare I say STEALTHILY. As price continues to decline, should pick up and then you'll see prices accelerate downwards. But for now, bulls and bears will continue to battle with bears slowly taking over. This week's FOMC could play a BIG part in either accelerating prices downwards or shooting up, making new highs and proving me wrong. AGAIN, only by making new highs will my overall count be proven wrong. Then I'll need to re-evaluate yet again. For now, I am already in SHORT on this pair by way of a completed I posted about 8 days ago (see Related Ideas: "ANALYSIS: USDJPY: Filled Could mark the top. ").
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. 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!
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