USDJPY LONG: ELLIOTT + WOLFE WAVE
Updated
USDJPY has completed a bullish Wolfe wave setup on the 1 hour chart. My MT4 data shows an open at 122.210, which would make this a possible Elliott 5 wave impulse as well, presenting a great R/R of 20 to enter long. SL is placed at the peak of (i) as any overlap would invalidate the wave count. Target is set at the Wolfe Wave target line.Bullish Wolfe Wave Setup:
Thank you for your support and don't forget to click the thumbs up button and follow for future updates and more trade ideas!
Trade active
Trade closed: stop reached
Note
NOTE: Although I updated the status to 'Closed: SL hit', this trade should technically still be active. I made a mistake when placing my stop. The SL should've been placed at wave i peak (122.379) instead of wave (i) peak. Overlap of the previous wave degree would not invalidate the wave count. This trade will remain closed but I will update periodically with the new SL for learning purposes. ThanksNote
With correct SL, target would've been hit and profit taken at T1 for +50 pips.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.