Above is a 4 Hour Chart of the USD/JPY pair. 4 waves up can clearly be seen, however wave 4 may or may not yet be complete. If wave 4 is complete, wave 5 will be equal to wave 1 at around 93.70. Below is the same chart but with wave 4 drawn in as an irregular flat. This is what I believe to be the more likely scenario at present due to the look of the recent price action on the hourly (see bottom chart) which looks likely to complete as a 3 wave move. Wave a of B will be equal to wave c of B at 93.60. Whichever scenario plays out, I believe selling this pair at around that region should be profitable. Keeps stops above 94 and move them to break even when price has fallen back to 93.
No comments:
Post a Comment