Placed buy order at 38.2 retracement level to take the trade to the top of the trend line and complete the structure. had a running flat correction for wave 2 so expecting a sharp correction at wave 4 here, may get the entry overnight. I do expect this to breakout of the top trend line but will wait until it does and look for a bigger move up to complete a pattern...
Looking for this to come up to my zone to look for a short position, I don't place automatic sell orders but a possible nice 3 to 1 set up here, I will wait for price to reach zone and study chart patterns before entering.
Always DYOR good luck.
Looking at this as a WXY forming on weekly chart, were currently in the Y leg down and its looking like a 5 wave move down on daily timeframes, will analyse further to look for retracement areas for short set ups along the way.
Waiting for this to conform to my entry criteria, it has reached the zone looks like its forming a nice double bottom pattern at 61.8 area, could come down a bit further one to watch out for nice move possible to at least the previous high maybe further.
Been waiting for this set up, see my previous related chart.
Entered this buy set up on USDJPY looks like a nice 4 to 1 set up, taking with smaller lot size due to NFP results coming in soon, hopefully some good data will see it go or may get a small spike out before going.
Long term analysis on USD JPY to help predict moves off the lower timeframes, it looks like were building the B wave to get a large move up for wave C.
The large move up will require good fundamentals to come out of the USA so may take a while. When you see the economy starting to improve, a deal being made with China and maybe interest rates starting to rise...