Ewj: elliott wave

[mu200411]

Next stop: USD/JPY = 102?

For get to attach chart, see below.

 

[mu200411]

Remember USD/JPY = 80? :eek:

 

[mu200411]

Next stop: USD/JPY = 102?

 

[mu200411]

Status:
Hold long "Short position" with a gambling "Long position".
Scenario 1.
Futures point to a higher open.
Strategy 1.
Wait for lower low to close long position.
Scenario 2.
Futures point to a Lower open.
Strategy 2.
Close long position at open.

 

[mu200411]

Sell now. Buy again if there is a higer high.

 

[mu200411]

Long position re-entered, set stop at the last low.

 

[mu200411]

Prepare to close long position when there is a lower low.

Edit.
At measured move, or "sHs" and "W" pattern target.

 

[mu200411]

Lower low at measured move and previous high, so close long position. Prepare to re-enter long position again when there is a higher high, then set stop at the last low.

 

[mu200411]

Long position re-entered, set target at "sHs" and "W" pattern target. Set stop at the last low.

Edit.
Market closed.

 

[Landis82]

A typical "Holiday" shortened trading session that vacuums higher and stays well bid for the entire session. Not one for trading . . . learned this the "hard" way in December of 1990.

If you get caught "short" on a day like today, you are totally screwed because there isn't enough volatility to get out "easy".