USDJPY: Elliot Wave analysis and other technicals agree
Updated
In this chart I depict what I consider to be an impulsive pattern in this pair.
I will open a long position based on the fact that we broke out of the distribution's mode or most frequent price, and that declines in the formation have been slowing down and reducing in price range.
The last session where we saw the NFP induced spike, changed the bias to bullish in my view.
I reccomend placing a limit buy order at 118.352 and trailing stops to break even after crossing the last session high by 1 atr. Stop loss can be placed at 117.494 to be safe, but the risk/reward ratio increases the closer we get to 117.93.
The solution is opening a multi-level order as follows:
1-Place two limit buys at 118.352 with the first having a stop loss at 117.93 and the second at 117.494. Measure lot size based on 1% loss if the stop is hit per order.
2-Place a stop buy above the recent high with a stop loss at 117.93, same 1% risk size.
This will give us a maximum exposure of 3%.
Good luck!
I will open a long position based on the fact that we broke out of the distribution's mode or most frequent price, and that declines in the formation have been slowing down and reducing in price range.
The last session where we saw the NFP induced spike, changed the bias to bullish in my view.
I reccomend placing a limit buy order at 118.352 and trailing stops to break even after crossing the last session high by 1 atr. Stop loss can be placed at 117.494 to be safe, but the risk/reward ratio increases the closer we get to 117.93.
The solution is opening a multi-level order as follows:
1-Place two limit buys at 118.352 with the first having a stop loss at 117.93 and the second at 117.494. Measure lot size based on 1% loss if the stop is hit per order.
2-Place a stop buy above the recent high with a stop loss at 117.93, same 1% risk size.
This will give us a maximum exposure of 3%.
Good luck!
Note
Count invalidated, but profitable long.
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