DislikedUSDJPY looks interesting. Maybe not straight away. But we go up is my opinion for this week and possibly next. {image}Ignored
- #86,982
- Jul 19, 2023 10:39am Jul 19, 2023 10:39am
- Joined Jan 2019 | Status: Trader | 2,656 Posts
Don't compare your trades to others. Most often the masses are the asses
- #86,986
- Jul 21, 2023 4:33am Jul 21, 2023 4:33am
- Joined Jan 2019 | Status: Trader | 2,656 Posts
Don't compare your trades to others. Most often the masses are the asses
- #86,987
- Jul 21, 2023 5:16am Jul 21, 2023 5:16am
- Joined Jan 2019 | Status: Trader | 2,656 Posts
Don't compare your trades to others. Most often the masses are the asses
- #86,989
- Jul 21, 2023 10:04am Jul 21, 2023 10:04am
- Joined Jan 2019 | Status: Trader | 2,656 Posts
Don't compare your trades to others. Most often the masses are the asses
- #86,991
- Jul 21, 2023 11:25am Jul 21, 2023 11:25am
- Joined Jan 2019 | Status: Trader | 2,656 Posts
Don't compare your trades to others. Most often the masses are the asses
- #86,995
- Jul 23, 2023 3:52am Jul 23, 2023 3:52am
- Joined Jan 2019 | Status: Trader | 2,656 Posts
UJ Daily. We appear to be pushing our way up. My first target is 144.244.
I chose this target because on the daily this move currently has two option patterns to the upside.
Option one. We are in an ABC correction to the DOWNSIDE, and the A has been formed sending us up for the B. My Fib puts that B at 144.244. When my FIB hit that number I remembered it as a number that was targeted previously and did a search of FF looking for it. I found a posting from Oct. 2022 (not mine) where this level was posted as resistance. As much as I want this to fly up to 150, the possibility remains that it could dive. So I am long to this level for now, with heavy buying between 143.0, and the 144 target. 143 representing a daily wick rejection, so if we clear that it appears to be smooth sailing to 144 where a FVG gap awaits. From there the Montly liquidity below may very well be too tempting a draw, AND.. it would clear the formation of a corrective ABC to the downside off of the scorching rise we rode up last year. 
Furthermore. Putting a FIB Expansion onto the monthly shows us hitting the 100% extension already. This further bolsters the possibility of us hitting a wall at 144.244 and taking out the lows.
Option two. We are bullish to 150, and this was all a Wave 4 correction. This will be proven by a close above 144.666 as this will negate the wave B theory and enforce the Wave 4 one. If this in in fact a wave 4. This theory has the most holes in it. Because the wave count is ONLY supported by the fact that price left the channel, and corrective waves leave the support area. For this to be accurate a HUGE rolling Wave 2 would have had to have formed before sending us up. Not impossible, just less likely. However UJ is a trickster, so I wouldn't put anything past it.
Levels to watch
143.00
144.244
I chose this target because on the daily this move currently has two option patterns to the upside.
Option one. We are in an ABC correction to the DOWNSIDE, and the A has been formed sending us up for the B. My Fib puts that B at 144.244. When my FIB hit that number I remembered it as a number that was targeted previously and did a search of FF looking for it. I found a posting from Oct. 2022 (not mine) where this level was posted as resistance. As much as I want this to fly up to 150, the possibility remains that it could dive. So I am long to this level for now, with heavy buying between 143.0, and the 144 target. 143 representing a daily wick rejection, so if we clear that it appears to be smooth sailing to 144 where a FVG gap awaits. From there the Montly liquidity below may very well be too tempting a draw, AND.. it would clear the formation of a corrective ABC to the downside off of the scorching rise we rode up last year.
Furthermore. Putting a FIB Expansion onto the monthly shows us hitting the 100% extension already. This further bolsters the possibility of us hitting a wall at 144.244 and taking out the lows.
Option two. We are bullish to 150, and this was all a Wave 4 correction. This will be proven by a close above 144.666 as this will negate the wave B theory and enforce the Wave 4 one. If this in in fact a wave 4. This theory has the most holes in it. Because the wave count is ONLY supported by the fact that price left the channel, and corrective waves leave the support area. For this to be accurate a HUGE rolling Wave 2 would have had to have formed before sending us up. Not impossible, just less likely. However UJ is a trickster, so I wouldn't put anything past it.
Levels to watch
143.00
144.244
Don't compare your trades to others. Most often the masses are the asses
- #86,996
- Jul 23, 2023 4:12am Jul 23, 2023 4:12am
- Joined Oct 2020 | Status: couldn't give a flying duck | 7,377 Posts
- #86,999
- Jul 23, 2023 12:53pm Jul 23, 2023 12:53pm
- Joined Dec 2015 | Status: Trader | 8,759 Posts | Online Now
USDJPY price action on the H4 time frame went sideways after a bullish drive to the 140.550/142.200 horizontal resistance area (blue). The technical impulse is bullish, and we may still see further northward market engineering to an area of value, such as the 144.000 psychological area.
I may be wrong. Trade safe and prosper.
KP
I may be wrong. Trade safe and prosper.
KP
Do your homework, follow the footprints of smart money
