USD/JPY Discussion

In life its always best to be Open minded
and listen and think about all points of view
before making any judgement
or
how would we learn anything

Double fibo extensions are really powerful.

Is it Logic
Well at least to me it is

(Ignore the indicators. I put little stock in them and am just curious about them. I don't use them to trade or decide.)

Ladies and gentlemen. I present to you the weekly chart? Why is it important? Last week we had an interesting rejection off of the bottom. One that created a hammer candle. Not the slim ones I prefer indicating clear rejection. But rejection nonethe less.



So what does this mean? well to me that says things are still in flux this week. However there are some clues. The red line here represents where this pattern could go wrong. The Yellow one where I believe buyers will step in. If we print below the red, we could be here for a couple of weeks, but with the indices steady climbing I think yellow will suffice.

Let's go to the daily.
The daily shows us how likely it is a bit better. We have price consolidating in a sideways move with last Tuesday's low as the short term bottom. We are currently batteling our way out of the trough at the bottom. The drawn yellow line here represents the area we need to clear for this trough to be conquered. As we are stuck. Volatility will be needed to clear it. I believe we will find that in the gap between the red and yellow horizontal lines.




Now to the 4HR. This chart shows some consolidation below the red line. Consolidation that has yet to be tested and or dipped into. Only a brief candle (red circle) alludes to any retest. This to me says this area will see more action. OR this move up is a fake all together. Which is why I am currently waiting, and only scalping small orders. I feel we need to test how price reacts in the retest of those lows. If the true lows of last tuesday are hit. More downward action is to come, but if we come in just above that 4hr Hammer and turn. Back to the highs in my opinion.




This month I think will be the turning month. Professional traders like their Summer vacations out east in the Hamptons. It's the only time the wives truly have them to themselves, so they need to get their trades in before then. It is almost May

Last time we were here took us 3 months to get up to retest the highs. Summer is 3 months away...

Short term.
15M. We tested the liquidity pool once. I believe we are currently doing so for the second go. The third will take us up. Wicks below allude to all that liquidity being taken up, although you have to look closely to see it. I will explore buys from 142.2 area. Why? Because greedy buyers who entered on the liquidity on the first go are still holding looking for ultra wins. Their Stop loss orders will be below this yellow circle. Most will have theirs where the red oval is. Perhaps a bit lower. If I am right today.. perhaps also tomorrow we paint between the lines. then spike down to the 142.1 and push off of that. If not, and we bounce off of the 142.4, 143.6 will be my long target expecting more interest below.





hopefully this makes sense.

Got to say
Right or wrong
This is the best post on here for a very long while
Charts were posted
Rational to back decisions
Think that deserves some recondition
for the work that as gone on behind the post
Thank you

blew through.. retested.. and continued. Now.. slowing momentum... Let's see. Looking for an obvious rejection candle off the bottom. Ether that, or a lot of consolidating on the 1m.


If however that fails and the 1s print hard below that above green line. Next area of liquidity IMO That area would still keep us bullish on the short term as IMO it takes two previous higher lows to be taken out before any trend can be considered bearish.

Looking to enter on red.. Needs more paint though. then a shuffle up followed by red down.. then in. Otherwise.. waiting more.



Looks dirty.. but willing to see it this next candle prints green.

out
.50 loss. Waiting. To me that print below, also after retesting the line... says more is coming below.. I'm probably out for the rest of the day on UJ. Draw a trendline across the top and sell any hits IMO.




on second thought... this area here might be a lift off.. Yepp.. I am willing to wait.

USDJPY 1H
attention : time zone for possible setup...square the HIGH
red: 45°
blue:30°

1) I moved the start of these fixed cycles to the minimum of the green rectangle 2) the fixed cycles, as I already wrote, at a certain point go haywire...so it's better to reset them

I zoomed in and added some short sub-circles note that about 52/54 hours have passed since the previous minimum... will it rise a little? will it rise a lot? I don't know... but here it was supposed to bounce

Please check the previous post dated this morning. I don't quite yet see bulls, but the 1hr has a nice rejection candle forming it seems. So it isn't about if I am right, but where the market wants to go.

here is the situation on the 5min chart

Trying to work and post lol.
We are already at the second line as of this posting. So not looking for a full retrace to the top. Had it just went up.. full retrace.




Perhaps I have that wrong. Top line would blow it through the top. The second will send us to the high? Something to review later.

This pattern is blown unless another 1hr needle comes in. Done for the day. Sold into this bottom and lost small on a possible buy.
+40.00 -1.25

Review.

ThaoAnh
Will Understand
Then perhaps not

US500 looking very Wyckoffy