glennmercer

USDJPY Elliott Wave Count: Correction Before Rally

FX:USDJPY   美元/日元
Hey traders! I definitely want to be LONG this pair as the Yen has been weak against the USD and the trend is bullish . However, it looks as though the correction will continue toward the . 382 retracement of Wave-( iii             ) before we see continuation. I will be looking for bullish impulses to get back into the bull rally. Updates to come - Cheers
Are you still in?
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glennmercer Trader_Dale
Hi Dale - I did not make a trade on this one, just updated the wave count. I will be long shortly, however. Cheers!
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Trader_Dale glennmercer
@glennmercer, YOu are right a still waiting for some price action confirmation!
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This could become a nice wolfe wave.
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Hey, Glen, I've been long since 113.500. However, I'm kicking myself a little as I had set my limit at 115.8. It seems now the flood of updates from folks today seems to suggest we're going further bearish. What are your thoughts?
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glennmercer Makeyourownluck
@Makeyourownluck, Hey mate - over the long haul a buy is the better trade in my opinion. However, this call is completely dependent on your trade size, hold time and risk tolerance. If you're day trading, this is a risky hold because the short-term trend is down. If you're buying and holding, the limit will likely get hit within the month based on previous structure on the 1D; but you will likely take on some drawdown and it is not a guarantee so always have a SL set. I would highly advise developing a strict set of rules for each of your trades and to be diligent about not stepping outside of these rules. Good luck!
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