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
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.
Trade closed: target reached
magnificent !!! amazing entry and exit !
Cheers, GH!
Is the trade active
Not yet, wait for price action around 0.500 fib
GoldHunter glennmercer
Radar on
GoldHunter glennmercer
touched 0.5 fib
Yep! Nice rebound. I was AFK, if you aren't in yet better to wait for the next setup
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.
GoldHunter glennmercer
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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