USD/JPY About to Turn?
Since this appears to be wave 4 of a new weekly impulse after a wave 4 on the monthly, I'm taking this view of USDJPY. It already nicked the limit order I put on at 109.426 earlier this week. So I'm in the trade. However, my position size is absurdly low until I see how it's going to go. Easy enough to recover with a larger position in the opposite direction if I'm wrong. I prefer trading small position sizes that are easy to recover with larger trades in the opposite direction rather than using stops. I only use stops to protect a profit. Your mileage may vary ...
So how will I know? Well if it drops below the lower trend line and hooks back up I will hold unless it bounces lower with momentum. If it drops and makes a flag lower I will reverse. If it forms a Vee at the bottom of this leg you can wait for the first solid green Heikin-Ashi candle (without wicks on the bottom) after a several solid candle pullback (red candles without wicks on top) and then enter. Or take the safer trade at the top of the V after the pull back which, at the moment looks to probably be around the 111.06 handle on the daily chart.
Good luck with your trading!
So how will I know? Well if it drops below the lower trend line and hooks back up I will hold unless it bounces lower with momentum. If it drops and makes a flag lower I will reverse. If it forms a Vee at the bottom of this leg you can wait for the first solid green Heikin-Ashi candle (without wicks on the bottom) after a several solid candle pullback (red candles without wicks on top) and then enter. Or take the safer trade at the top of the V after the pull back which, at the moment looks to probably be around the 111.06 handle on the daily chart.
Good luck with your trading!
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