TRADE:USDJPY: BUY@118.700 Post-NFP Wave Cnt + Structure + Cypher

This trade is based on my wave count and a post -NFP reaction as well as some minor sr structure. What do I mean by that? This is where just pure experience comes into play. I don't have stats or anything to back this up but usually when the NFP goes in the opposite direction of what the wave count expectancy is expecting prices to head towards, the reaction post-NFP will be to resume the path. Is this ALWAYS the case? No. By all means, NO! But in this instance, the NFP has done nothing to change the wave count and I am still expecting an up move to complete this wave 4 and also to finish off this consolidation pattern provided my wave count is correct. If it is, then this up move MUST happen.

A POTENTIAL cypher pattern has also developed with the C point yet to be set. I've marked the cypher C point MAX level and that level will also serve as my stop loss because if prices declined past there, not only would it invalidate the cypher but it would also break below the wave (b) (large blue one) of the overall correction and therefore would invalidate my wave count as it is and force me to re-assess.

MY TRADE PLAN
As mentioned, I am now LONG on this pair and expecting an up move into the completion of wave 4. While this up move may look like a trend move and I suspect many people will jump on and start calling for a long-term uptrend to develop, that's not my opinion. It is only a finishing corrective move to the consolidation pattern. But I'll deal with that if/when that happens. For now, I will be placing my stops below the wave (b) (large blue) and the cypher MAX C point because if price drop below there, then my wave count could be wrong and I'll need to re-assess the overall situation. But more importantly, this trade has a better than 6:1 R;R ratio. So it's well-worth the risk. I have marked points along the way where I will probably take profits.

*DISCLAIMER:
Please keep in mind that I am not giving any trading signals or trade calls here. Only providing my own trade thoughts for your benefit and insight as to my trading technique and style. Please don't ask if you should or should not take the trade or ask for stop loss and take profit levels. Any SL or TP given on my trades are my own I have used for my trade and are not recommendations for you to use. If you are not sure, then you do not have a trading plan for yourself in place. I suggest you make one before you continue to do any trading!

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