PRECISION target for USDJPY is Station X = 311.695
Now remember guys, markets move 5 steps forward then 3 steps back, then 5 forward and so on. Point being, do NOT get mad at Big Joe when you see corrections, even steep corrections. Here is a realistic guide for USDJPY corrections yet to come in years 2021, 2022, 2023 ................... all will be of the form A-B-C but in the 4th wave they could be a triangle. Regardless, the minimum correction will be at least almost 40%. Think about fellas! 40% correction is huge but yet it is normal operation for a TREND. It is insignificant in terms of the final destination but very significant when looking at just one wave because Jesus H Christ you can give back 40% and be thoroughly pissed off with yourself.
So as a lesson to stubborn, recalcitrant, dead_broke and Fibo lover, T2W member named new_trader should only use weaponry for TRADING TRADING = exiting the trend at suspected tops and reentering at suspected 40% retracement of trend to rejoin the Primary Trend and continue.
Sure thing one can go short for the corrections in the Primary trend but I don't bother as I don't have the time or inclination to work so hard. I find another instrument in Primary uptrend and go with that one while I wait for my favorite to come around into Primary mode.
For newbies, my reluctance to go short for corrections is due to the simple logic that its against the natural flow of the river.
Can you dig it?
Golden opportunity spread out over years can generate huge retired cats from T2W with millions of dollars but the question is, "do they have the balls to pull it off or are they going to let hatred toward America/American thwart their dreams of getting rich?"