glennmercer
Short

USDJPY EW: Bearish 5-0 Pattern to Complete Wave-2

FX:USDJPY   U.S. Dollar/Japanese Yen
USDJPY             has completed a 5-wave             impulse and is currently in a corrective structure. A 5-0 pattern is a great way to get in on this wave-c-of-2. See related idea for previous structure. Happy Trading!
Trade active: Beautiful resistance at .5 fib with very little drawdown
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Trade closed manually: Taking profit here at +51Pips. The corrective "X" wave following wave-C is notoriously unpredictable. I will now be looking for long opportunities.
Comment:
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Trade closed: target reached
Is the trade active
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Not yet, wait for price action around 0.500 fib
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GoldHunter glennmercer
Radar on
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GoldHunter glennmercer
touched 0.5 fib
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Yep! Nice rebound. I was AFK, if you aren't in yet better to wait for the next setup
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BTW GoldHunter, there are two possible ways to enter this trade. The stop I had in place is OK for a pending order on 5-0 trades, so a sell limit would've worked in this case. However, to be more conservative, I waited for resistance to present itself at the fib and entered on the next candle. This will result in fewer trades, but higher win percentage. Also, you can leverage more because a SL can be placed directly above the top of the previous candle.
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GoldHunter glennmercer
thxxxxxxx!
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GoldHunter glennmercer
BTW I entered the trade as soon as I saw the pin bar . 50 pips in pocket , waiting to hit target . waiting for next setups !!!
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magnificent !!! amazing entry and exit !
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Cheers, GH!
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