We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site.

Free Trading Guides
EUR/USD
Bullish
Oil - US Crude
Bearish
Wall Street
Mixed
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Gold
Bullish
GBP/USD
Bullish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
USD/JPY
Bullish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
More View more
Guest Commentary: A Tale of Two Triangles for USD/JPY

Guest Commentary: A Tale of Two Triangles for USD/JPY

2014-03-26 16:30:00
Todd Gordon, Technical Strategist
Share:

USDJPY is setting up for a long trade based on two Elliott wave triangles, which is a condition we refer to as an “Elliott-hedged” situation. This is a scenario whereby two or more correct Elliott wave formations, despite being different bigger-picture counts, both point to the underlying market heading to the same price level in the near term.

This situation is currently in play for USDJPY, with a pending triangle break setting up potential long positions.

Developing Long Set-up in USD/JPY

  • Trade: Buy USDJPY at 102.30
  • Stop loss: Place stop at 101.90
  • Price targets: Remove half the initial position at 102.75, letting the remainder run to the second target at 103.15
  • Trade management: Move the initial stop loss to 102.35 if price reaches 102.75

By Todd Gordon, founder, TradingAnalysis.com

Receive three free months of premium trade signals and analysis by visiting TradingAnalysis.com.

Disclaimer: Trading foreign exchange on margin carries a high level of risk and may not be suitable for all investors.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

DISCLOSURES

News & Analysis at your fingertips.