Reason for entry: Red Bar Ignored (Narrow Range Bar) above the 50% of an Elephant Bar (Wide Range Bar)
First Target: Previous Pivot with at least 1:1
Upon Reaching First Target, Adjust to Break Even, Take Half Off
Second Target: Previous Pivot High for 2:2
Upon Reaching Second Target: Take Half off, Leave for market to stop out.
Wait for it... if USDJPY is actually making a flag, then the biggest trade seems to be a nice long. short maybe but very short term. Levels on the chart. Targets on the arrows.
Wait for it to be more oversold.
After that nice impulse wave down, we should see a correction. By Elliott's guidelines, correction could extend to the 4th wave give a possible target of 112.685. Fits nicely with my XAUUSD short idea.
It's nice that the target is the confluence of two fibonacci levels.
Following Elliott's Principle, the 3rd wave is never the shortest wave in a 5 wave structure, therefore the 5th wave in this structure shouldn't go beyond 113.718.
This would give an entry short around 133.718 waiting on price action confirmation.
Take profit 1 at the convergence of the 0.786 retracement and the 0.50 @ 112.685
Take profit 2 at the 0.618...