Recognising a pattern we have seen before early December '17, I immediately assumed it was another stop hunt. However, now armed with more knowledge and experience I forced myself to take an objective stance.
That Lama signal is my joke. I remember seeing that a few times in December and later, it sometimes looks more like a short legged and long bodied dog like the Dachshund. I'll be interested in learning if there is an official name for this pattern and how its PA can be explained. To get a clear view of it please switch to 5m for this range, which I could not publish because of the restrictions of the Ideas feature for low timeframes.
Taking an objective stance I now consider all options until I have proof for one of the answers. It could be that the start of the stop hunt is just a legit drop and wasn't artificially created by an algo and that it was created by weak shorts. Similar for the whipsaw patterns and other fake drops. The quest for the truth behind Forex continues...
Looks like we have reentered the channel coming from the right shoulder so get ready to trade UJ short from the sweet spot. Good luck!
Cheers, Arnaud
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Back in the channel a good price to enter the trade
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Another bunch of signals confirming that the drop has started. Follow related ifeas for more info on the subject
and now this is encouraging !! last chance, otherwise i give up on usdjpy :S the weekly geometrical configuration has really improved for the drop, it wasn't possible to drop right away as the previous configuratino was so favorable to bulls, i take a lot of time to the market to progressively turn weekly BB totally designed for bulls to a neutral and now step by step bearish without bulls to realize what is happening, trapping a lot of buying interests by the process.
Deep-Peat-Shark
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@lapin_eliott, You should stop using indicators, that's why you have become pessimistic. I recommend to study the mechanics of the market and learn to explain price action by the laws of supply and demand. Ignore wave pattern recognition and candle formations because the market is chaos and price action is the result of order placement by traders like you and me. Manipulation is a common practice, central banks are the gods of the market with the most capacity and power of all. Check out the websites of the central banks and look for market operations, the FED has a 30B daily budget for their latest activity.
Keep supply and demand in mind, always. Don't trust anything you read on the internet, most of the TA is propaganda and is developed to have groups of traders floow similar methods to produce predictable strategies. Good for the larger and smarter speculators to work out where stop loss orders are grouped in case they have large orders to place in the market. Start thinking like a large speculator yourself, learn how to read volume, learn to trade on Monday and Friday and outside London & NY session.
Develop your own analysis toolset of common used charts and operate the market like central banks do. Become a god of the market yourself, however never assume you know everything, always keep changing your strategy, always assume there are smarter traders than you, never stop learning. Always take an objective stance and change your perspective to put yourself in de position of other traders, groups of traders, financial institutions and the market itself.
That is what I recommend, but you're obviously free to do whatever you want, however if you would like to become somewhat more optimistic like me then, instead of babypips, this is what I have done and still do...