I want to approach the matter technically. I will share my fundamental approach on a detailed USDJPY forecast later.
According to the Bulkowski’s definition which I completely agree, MMD algorithm finds three consecutive turns, starting with a minor high then a minor low ( start of the corrective phase) then a retrace of at least 70% ending in a minor high( the end of the corrective phase – According to my backtests “Fib 50% – Fib 61.8% ” is the perfect retracement level – It is assumed that the next minor low will end the pattern at the bottom of the second leg.
According to the measured rule, as seen on the chart, the target of the pattern 109.100.
The trading tip can be described as “If the price nears the target or support abounds near the target as price approaches, close the trade.”
I will set my target as 109.200. I have two reasons for setting up 109.200 as the target.
1. Bullish Butterfly Pattern on the Daily Chart – Fibonacci 1.27 extension-
2. MM 4/8 Main Support/Resistance
So I will look for a long opportunity somewhere between 109.2** – 109.1** and my first target will be 110.100. I will send entry notification to the members.
An H4 Closing below 110.200 will be the confirmation of the MMD pattern targeting 109.200.
Note: Midterm Fundamentals -Demand for Yen as a safe haven asset – confirms the shorter-term bearish continuation in USDJPY.
Happy New Year
According to the Bulkowski’s definition which I completely agree, MMD algorithm finds three consecutive turns, starting with a minor high then a minor low ( start of the corrective phase) then a retrace of at least 70% ending in a minor high( the end of the corrective phase – According to my backtests “Fib 50% – Fib 61.8% ” is the perfect retracement level – It is assumed that the next minor low will end the pattern at the bottom of the second leg.
According to the measured rule, as seen on the chart, the target of the pattern 109.100.
The trading tip can be described as “If the price nears the target or support abounds near the target as price approaches, close the trade.”
I will set my target as 109.200. I have two reasons for setting up 109.200 as the target.
1. Bullish Butterfly Pattern on the Daily Chart – Fibonacci 1.27 extension-
2. MM 4/8 Main Support/Resistance
So I will look for a long opportunity somewhere between 109.2** – 109.1** and my first target will be 110.100. I will send entry notification to the members.
An H4 Closing below 110.200 will be the confirmation of the MMD pattern targeting 109.200.
Note: Midterm Fundamentals -Demand for Yen as a safe haven asset – confirms the shorter-term bearish continuation in USDJPY.
Happy New Year
Anmerkung
We have reached our target. Measured move down pattern is completed.
PM for Live Singals.
🎯 Cycle Sniper and other MT4 Indicator: mql5.com/en/users/elmirair/seller
📊 Join Traders Times on YouTube for Daily Market Prep & Setups (Macro + Technical + Algo):youtube.com/@traderstimestv
🎯 Cycle Sniper and other MT4 Indicator: mql5.com/en/users/elmirair/seller
📊 Join Traders Times on YouTube for Daily Market Prep & Setups (Macro + Technical + Algo):youtube.com/@traderstimestv
Verbundene Veröffentlichungen
Haftungsausschluss
Die Informationen und Veröffentlichungen sind nicht als Finanz-, Anlage-, Handels- oder andere Arten von Ratschlägen oder Empfehlungen gedacht, die von TradingView bereitgestellt oder gebilligt werden, und stellen diese nicht dar. Lesen Sie mehr in den Nutzungsbedingungen.
PM for Live Singals.
🎯 Cycle Sniper and other MT4 Indicator: mql5.com/en/users/elmirair/seller
📊 Join Traders Times on YouTube for Daily Market Prep & Setups (Macro + Technical + Algo):youtube.com/@traderstimestv
🎯 Cycle Sniper and other MT4 Indicator: mql5.com/en/users/elmirair/seller
📊 Join Traders Times on YouTube for Daily Market Prep & Setups (Macro + Technical + Algo):youtube.com/@traderstimestv
Verbundene Veröffentlichungen
Haftungsausschluss
Die Informationen und Veröffentlichungen sind nicht als Finanz-, Anlage-, Handels- oder andere Arten von Ratschlägen oder Empfehlungen gedacht, die von TradingView bereitgestellt oder gebilligt werden, und stellen diese nicht dar. Lesen Sie mehr in den Nutzungsbedingungen.