UPDATE #3: USDJPY: A WAVE 3? MAYBE NOW!. 180+ PIPS POSSIBLE

At the risk of sounding like the boy who cried "WOLF!" too many times, I have re-adjusted my current wave count and now it seems a "wave 3" has just started. It is the nature of the market that it is unpredictable and we can only take our best guess at what is actually happening. This is why counting waves is an art. Not a science. Wave counting is dependent upon the eye of the beholder. And must always be re-assessed over and over with every new significant price action. Otherwise, you risk missing out on great trade opportunities or worse yet...getting in on bad ones.

So what I'm doing here is alerting to the POSSIBILITY that a "wave 3" has started....just not the "BIG ONE" that I have been waiting for. This is a "small one" relatively speaking but with a chance to yield 180+ pips if taken now. The risk:reward is good as the S/L is pretty close. That would be the point to which my wave count would again be rendered incorrect.

Take my recommendation as you see fit. Again, it's just what I'm seeing and what I'm doing.

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Please keep in mind that I am not giving any trading signals 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. 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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