Recommendation For USDJPY (Elliot Analysis)

Consider our reexamined variant of the wave (E) count.



In our opinion, wave [] will take the shape of the horizontal triangle. The current upward movement (started March 20, 2006) may be wave (e) of this triangle. Price movement schematic forecast is shown in the chart.

The recommendation is:

Sell at 118.50
Target: 114.00
S/L: 119.50
~ time: 1.5 mo.

USD/ JPY still looks to be in an upward trend and has broken through yesterday's high. At what point do you say that the Elliot analysis has not worked and move to a different scenario?

Hi, stf. There is a clear stop loss for this position. The recommendation is still valid.

Contrarily...

UM_manager said:

Hi, stf. There is a clear stop loss for this position. The recommendation is still valid.

Click to expand...

Mine Might be a shorter Time Frame I am trading on, But I have been long the USD from 117.42 on a weekly Symmetrical flag, a trade I treat as a continuation ie. bullish in this instance.

There is usually strong momentum on Breakout. I have however lightened up as a Doji has formed, either a breather before further upward or a change is afoot. We both could be right (or wrong)> With tight stops now, I am in the money though.

Which is Pound seat (if puns exscused), while if right you may get larger gains later. I watch with interest your analysis.

Will post updated chart after end of day.

In our opinion wave (e) of the triangle (wave []) is completed.

Close the position @ 115.00

The price has reached the forecasted levels. Thanks for everybody who traded with us.

Sell again..

Sell at 117.00
Target: 113.00
S/L: 118.50

Partial close (50% of initial volume) @ 115.55 (at market)

UM_manager said:

Partial close (50% of initial volume) @ 115.55 (at market)

Click to expand...

Is it possible for you to post an updated wave count so that we can get a better idea of the rationale behind this latest trade?

TIA