x
Breaking News
0

November Real Estate Of The Month Trade Setup Idea: USD/JPY

By Scott BarkleyForexNov 14, 2017 01:16PM ET
www.investing.com/analysis/november-real-estate-of-the-month-trade-setup-idea-200265014
November Real Estate Of The Month Trade Setup Idea: USD/JPY
By Scott Barkley   |  Nov 14, 2017 01:16PM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 


This month's ProAct Traders “Real estate of the month” (formerly the pay your mortgage trade) idea is found in the USD/JPY pair.

11/14/17 113.35 start

We see that we have finished a strong up move in a large range but with a bias now to the downside. We have a head and shoulders already in place and completing a 2 wave. We are looking for an initial move to the equilibrium of the whole move @ 111.53 and expect a stall here and then the turn for the end of the 3 wave. There is a huge Wide Open Space (WOS) here 111.53-110.18 – Don’t Miss this BIG Opportunity! Watch for a significant bounce @ the 0.618 Fibo to print a 4th corrective wave before the resumption to the downside targets @ either the STRONG Support @ 108.77 (458 Pips) or the S6 @ 107.82 (570 Pips) . Any pullback offers increased opportunity to add positions.

How to trade it? You will need to wait for your set-up to show up, for London & New York traders, that will mean waiting for the reaction now in the current area or below 113.25. Take your first entry and use the respective risk reward ratio to start trading this currency pair. We have preplaced entry orders (sell stops) on the break of each Fib and barrier to the downside and any rally should be considered an area to add to the position. DO NOT TRY AND CROWD THIS PAIR WITH TIGHT STOPS. Remember the “pullback is your friend” in route so use those to add to the position.

Be careful at the 0.618 Fibo @ 110.18.

The pair typically has pullbacks in the 60-90 pips range, so every pullback could add an additional 90 pips to the trade with another position. Currently the ATR (14 Day - Average True Range) of the currency is 73-86 Pips per day, so this might take about 2 weeks with pullbacks!

USD/JPY Chart
USD/JPY Chart

November Real Estate Of The Month Trade Setup Idea: USD/JPY
 

Related Articles

November Real Estate Of The Month Trade Setup Idea: USD/JPY

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

  • Enrich the conversation
  • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
  • Be respectful. Even negative opinions can be framed positively and diplomatically.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

 
Are you sure you want to delete this chart?
 
Write your thoughts here
 
Replace the attached chart with a new chart ?
Post
Post also to:
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
 
Replace the attached chart with a new chart ?
Post 1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Continue with Google
or
Sign up with Email