USDJPY (Scalping)
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I measured impulse by placing 0.236 right below ABCs and got 0.618 resisting at top, right where it went bearish and as we can see previous supports. Take profits are at -0.27 and -0.618
I used two Trend-Based Fib Extension (triangles) to confirm areas
- first red triangle confirms ABCs area with 1.618 at 0.236
- second blue trangle confirms -0.27 (first TP) with 1.414 - 1.618 area around -0.27
Also MACD shows divergence which confirms bearish impulse.
Good Trading. -15min Chart
I used two Trend-Based Fib Extension (triangles) to confirm areas
- first red triangle confirms ABCs area with 1.618 at 0.236
- second blue trangle confirms -0.27 (first TP) with 1.414 - 1.618 area around -0.27
Also MACD shows divergence which confirms bearish impulse.
Good Trading. -15min Chart
Note
We can see how flag consolidated, went bearish for that 1.272 and formed a pullback back to 0.236I used Fibonacci to measure pullback a little different, start measuring from -0.618 all the way to 0.618 and you'll get a whole, which means pullback has to be inside both 0.382, and as we can see pullback consolidated exactly inside that area making a retest exactly at 0.786!.
On MACD there's no retest, which confirms divergence for bearish impulse, so at this point I expect to sell
Good Trading- 15min Chart
Note
Retracement became an Elliott Impulse - 15min ChartGood Trading.
Note
Update on Elliott ImpulsePossible 2618 trade and bearish continuation.
Good Trading. - 15min Chart
Note
2618 technique- double floor
- follow impulse with fibonacci
- wait for retracement at 0-618
- completion at -0.618 where previous -0.27 is
Good Trading. 15 min Chart
Note
2618 on 5 min!we can see how impulse formed an Ending Diagonal
- 5 clear points
- point 1 and 4 at same price
- 0-1 same distance as 4-5
- retest at previous resistance
Now I expect to sell towards 0.618 and buy all the way yo previous resistance
Good trading - 5min Chart
Note
We can see how news reacted, but price came back to 0.618area for 2618Good Trading. -5min Chart
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Jumped at area, back to previous resistanceGood Trading. 5min Chart
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2618 has been completed.Good Trading. -5min Chart
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As I expected 2618 made perfect resistance at top and confirmed bearish continuationGood Trading. -15min Chart
Note
Possible ABC pattern or some type of consolidationGood Trading. 15 min Chart
Note
Sell ABCsGood Trading. -15min Chart
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