USDJPY: Did You Get Swung? Wave Counting To Stay Out Of Trouble!

31 oct 2018

A couple of weeks ago, I posted a chart here on USDJPY telling you to BE CAREFUL if you want to trade it because it was in a correction. And that you needed to BE PATIENT and WAIT for the correction to complete. And not only did my wave count tell me that it was in (w)(x)(y) correction but that (w)(x)(y) correction was part of the wave B of a larger ABC correction. So you shouldn't be surprised at all that it has been difficult to trade. Well, I did warn you!

Here's my post from Oct 19th on USDJPY:

Here is part of what I said:
"BE PATIENT and WAIT for the wave B to finish and then look to trade the wave C down! Can you do that? BE PATIENT? Remember, NOT trading is also an action! Preserving your money is just as important as making money!"

Of course, wave counts can change according to the price action and since I posted that chart 2 weeks ago, things did in fact change. But not so much as to change the overall wave count. Prices attempted to drop down and did indeed drop below where I have the wave A ending. BUT and this is IMPORTANT...it DID NOT CLOSE below it! Which basically meant it was a fake break. Once it did that, I adjusted my wave count to reflect that attempted drop and now my wave count tells me that it is POSSIBLY in a expanded flat correction and STILL in the wave B. Is that correct? Doesn't matter. My wave count has kept me OUT OF TROUBLE.

So you can see that wave counts not only can make you LOTS of money. Used correctly, it can also PRESERVE your money which is just as important as making money. Not taking a trade is an action too! Learn to "SIT ON YOUR HANDS" if you want to be a consistently profitable trader!