Top Trade Idea For June 5th, 2014 – USDJPY

Top Trade Idea For June 5th, 2014 – USDJPY

By Mircea Vasiu on Jun 5, 2014 11:17:53 GMT

  • Tweet
  • Email
  • Tweet
  • Email

The chart above is the daily time frame on the usdjpy pair and this time I want to show you what it may be the end of an extremely bullish setup for the pair.

The rectangular below the chart shows the pattern I am hunting here and this is one of the most bullish patterns of them all. It is being called a double three running and has it is ALLWAYS being followed by a third wave extended impulsive move.

Whenever you hear the word “running” for a correction then you should immediately associate it with a powerful break to come. The problem with running corrections is that people have the tendency to believe they are rarely happening when in fact, and especially on the currency markets, they are happening quite often.

The theoretical setup calls for a strong move to the upside to be followed by three independent corrective waves: two of them to correct the previous move to the upside, and one that goes in the direction of the previous move (up).

This means price should make a new high in a corrective fashion, and only after that the contracting triangle to appear.

As it can be seen in the chart above, the b-d trend line of the triangle is broken and this should keep the bullish bias well above recent highs in 105 area. A move below 101.70 should invalidate the double three running.

strong>About Mircea Vasiu

Mircea Vasiu has an MBA in International Business from an American University, graduating Magna Cum Laudae. He has been a professional trader for the last 8 years and is involved in various educational projects for different financial companies. He also runs a trading signal for the currency markets at

Recent posts by Mircea Vasiu

  • Top trade idea for December 1st, 2016 – USDCAD
  • Top trade idea for November 24th, 2016 – USDCAD
  • Top trade idea for November 17th, 2016 – EURAUD

Economic Calendar News, Charts, Research & Video

Copyright © | Privacy Policy

Market commentary and/or opinions presented do not necessarily represent the opinions of ForexNews. You are advised to conduct your own independent research before making a decision. This website is an information site only. Accordingly, ForexNews makes no warranties or guarantees in respect of the content. The publications herein do not take into account the investment objectives, financial situation or particular needs of any particular person. You should obtain individual financial advice based on your own particular circumstances before making an investment decision on the basis of information on this website.

Будьте первым, кто решился написать!

Поделитесь своим мнением:

E-Mail адрес не будет опубликован.