USD/JPY - Looking at the long term picture for USD/JPY the major downtrend is still intact, but could a cyclical bottom be in place? A break above 84.18 and more importantly a break above the reflexion point at 85.52 will be the first good indication, that a major bottom indeed could be in place. A break above the reflexion point at 85.52 will call for a rally towards the apex of the 4-wave Triangle at 114.20.
Short term we have a strong support at 80.55, which ideally will protect the downside for the rally above 84.18 and more importantly 85.52 for a strong rally higher.
first of all welcme back again. I really like the eur/yen trade for this month total I fetch 389 pips up and down .Now I am looking to ride eur/yen wave and looking the confirmation point 104.58 for a ride towards third wave extension .
ReplyDeletekindest regards
Aman
Hi,
ReplyDeleteIn regard to FB, is it now unlikely that price pulls back below $24.25 (Top of wave 1). In otherwords, would there be a scenario where FB could pullback to $24.68 and still keep your count? I am asking because I would like to buy FB, but I don't think I will be able to get a pullback from here and I am considering buying a small position right here right now
Hi Aman,
ReplyDeleteCongratulations with your excellent trade preformance!
Kind regards
EWS
Hi Todd,
ReplyDeleteSorry, but a break below 24.68 is still a possibility. A break below 24.68 (the top of wave i) will not invalidate my count, but could just point towards another wave one and two developing.
However my count could be wrong and we are currently seeing a complex correction from 17.55, that would also leave room for a pullback below 24.68.
That said I belive the possibility for a break below 24.12 will be a low probability outcome, so if you can accept that risk a FB is a buy.
I think that you should ajust you position to make the risk of a break below 24.12 within your normal tolerace acceptance.
Good luck with you trading
Kind regards
EWS
EWS,
ReplyDeleteThank very much for getting back to me with your thoughts.
Hi Todd,
ReplyDeleteYou are always welcome. I'm just glad if you can use my advice to your advantage.
Kind regards
EWS