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
Hi Dale - I did not make a trade on this one, just updated the wave count. I will be long shortly, however. Cheers!
Trader_Dale
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@glennmercer, YOu are right a still waiting for some price action confirmation!
ElPatron.Y
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This could become a nice wolfe wave.
IbbyJalloh
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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?
glennmercer
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@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!