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
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Beautiful resistance at .5 fib with very little drawdown
Trade closed manually
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Taking profit here at +51Pips. The corrective "X" wave following wave-C is notoriously unpredictable. I will now be looking for long opportunities.
Yep! Nice rebound. I was AFK, if you aren't in yet better to wait for the next setup
glennmercer
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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.
GoldHunter
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thxxxxxxx!
GoldHunter
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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 !!!