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USD.JPY
As a point of interest, my system gave its
first signal 11/3 on this pair for a short entry at 110.77.
2nd and 3rd system confirmation signals were triggered on 12/3.
Current price is around 107.13 or around 360 pips.
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Weekend close was at 106.70 for a current
gain of 407 pips. Watching carefully now as
the current action is in a possible reversal area.
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Mondays close was at 106.70 for a current
gain of 522 pips.
Watching carefully now as the current action
looks close to a possible reversal, and today
maybe the day to take the profit
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Hanging on as still falling.
Pips at close 653.
Trailing stop.
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As mentioned 30/3 -
"Watching carefully now as the current action
looks close to a possible reversal"
Stop hit on 2/4 at 104.49 for around 628 pips on 50%.
Total +728 overall.
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Trendline break but "mind the gap"
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Day trading using EW techniques on 5 min chart.
Here's one trade I completed yesterday.
1. Wait for the completion of a 5 wave impulse, and 3 wave correction.
2. Buy on positive break of ABC correction down-trend line, making it possible to take 15-20 points in 25 minutes if prefered. Alternatively, let the trade run with a limit set for say 70+/- pips. Stop was placed just below the low of the double bottom.
Trade closed for 70 pips profit / US$617.72
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The gap as mentioned caused a slight hiccup but the
overnight action has bridged that gap and JPY may now
move higher and head initially into the 115/117 target zone.
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Chart update
Long 114.20
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USD.JPY is struggling to keep it's head up. I thought there may be a few more pips potential after the 3 methods pattern but it appears to stalled right at the marked target zone (5?).
Just above the action there is the old downtrend line (red) and previous broken support line around 115.83 adding more resistance.
Reversal imminent IMO.
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