USDJPY Downtrend Analysis
At first I had this chart marked up as consolidation. Then I started to realize the slight downtrend it was forming. I used the Elliot Wave tool to distinguish the lower highs that had been formed. I placed my fibs to see what zones/levels price respected within the Fibonacci Tool, and for a take profit area that would be closer than my next major level. I think I entered too early as all my confluences were not apparent. This is something I struggle with, patience and fomo, two things professional profitable traders do not struggle with because their psychology is on lock. Anyway, my confluences are C1> lower high formed. C2> EMA cross down (red over the green). C3> candlestick pattern and confirmation candle which would confirm the lower high formation and downtrend continuation. I can't wait to see the outcome! Win or Loss, I'll take the lesson! Please leave a comment! I would love to read your thoughts on the markup.
Please note I wanted to post this last Friday, but my TradingView was acting up. Nevertheless, I still wanted to share so I can get some feedback
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