USDJPY- Possible Ending Diagonal (E.D) -Wedge (Premature)

The move from 109.80 to 111.18 was a part of yet to develop first leg in the Ending Diagonal or traditionally we call it a wedge, but it is still premature & I am open for this as there is an overlap between last two consecutive waves.

Once it starts moving above 110.90 likely it will cross 111.36 -previous high in slanting upwards, which will give the 3rd leg of the wedge or E.D. Then 4th leg downside should not go below 110.26 & take a final turn upside filling the criteria of giving us wedge.

This Wedge will be exciting to see as reaction post its formation shall be a sharp downside, but this is premature & one should keep an eye as one of the formation & lot of trading opportunities in between.

Exciting Trade (Premature)
Most exciting trade will be post its completion -once done likely giving us strong downside move but in the current scenario, we will wait for internal wave-iii then wave-iv down not taking out 110.26- wave -ii bottom & later wave-v -- finally the most exciting wave- sharp down.

Trade attivo:

13:28 Hrs 22nd Nov2016

Last Price@110.89

Recent High@111.23

The recent jump was internal leg upside in wave-iii of E.D. Holding 110.26- wave -ii bottom it could go above 111.36 to complete wave-iii & then turn downside for wav-iv in down -up-down fashion, but should not break 110.26 -wave-2 low for having final wave-v in upside direction

Trade attivo:

18:33 Hrs 22nd Nov2016

Last Price@110.95

From lows of 110.55 above 110.26 it pushed upside & trading at 110.95 going above 111.36 will complete internal wave-iii

Trade attivo:

21:00 Hrs 22nd Nov2016

Last Price@111.22

This internal wave which started from 110.55 could end in the zone 111.40-111.50 zone- that will fulfill our wave-iii objective

Post that I shall be looking for wave-iv

Trade attivo:

05:58 Hrs 23rd Nov2016

Good Morning, All,

Internal Wave -iii is still incomplete & looks to have b-wave triangle & waiting for c-wave. c-wave could measure 78.6% of a-wave= 111.65 & 100% of a-wave = 111.85 before it could turn for wave-iv

Key support-110.80

Looking upside, above 111.30 for 111.65-111.85 zone before it turns back in yet to complete wave-iii

Trade attivo:

13:13 Hrs 23rd Nov2016

Last Price@110.95

Key Support-110.80

110.80 should act as support in what I see a triangle in a ((B)) - wave of internal wave-iii of Ending Diagonal. If 110.80 holds support then thrust could be expected upside

Trade attivo:

19:02 Hrs 23rd Nov2016

Last Price@111.82

Target done -100+ pips from 110.80 to 111.82

Let us book profits in internal wave-iii

Trade attivo:

20:25 Hrs 23rd Nov2016

Last Price@112.25
Current High@112.47

Taking an alternate count in consideration

(( ))- means circled wave

Likely E.D. turned into bigger impulsive as wave -iii of E.D cannot be straight like trump tower (booked 100+ pips above) –going forward UJ can extend to 112.95-113 as wave-((iii)) travels 161.8% of wave-((i ))- alternate count
Now wave-((iii)) itself is divided into its 5 waves- i-ii-iii-iv-v out of which we are done with wave –iii of wave-((iii)) at 112.47

Trading Strategy-

So, we can see a pullback to the zone 111.60-111.75 as wave-iv & then push upside to 112.95 to complete wave-((iii))

Execution

Once recent low@112.24 is broken with strict stops above 112.48 –we can expect the pullback to 111.60-111.75
One can expect a pullback to the zones 111.60-111.75 with strict stops above recent high@112.50.

Trade chiuso: obiettivo raggiunto:

21:00 Hrs 23rd Nov2016

Last Price@112.67

Short Trade not executed as 112.24 was not taken out.

Thanks for your support

Trade chiuso: obiettivo raggiunto:

22:27 Hrs 23rd Nov2016

Last Price@112.60

Can it be better than this 112.95 - turns exactly from 112.95

Trade attivo:

05:10 Hrs 24th Nov2016

Last Price@112.70

There is a sell setup below 112.35 likely taking UJ to 111.60-111.70 zone.

Once it goes to 111.60-111.70 - it should remain above 111.36-111.30 zone which is not confirmed yet. In that case -UJ could be expected to move up.