09 January 2013

USD/JPY : Ctrl-Alt-Del

  • Locked in a cool 6.5+ big figures earlier this morning. (Average out-rate 87.63). Consign memory of that trade to history now.
  • High thus far 88.40.
  • Re-boot : Re-established long at 87.00 and 87.16 on gut feel. The possibility of a much deeper pull-back remains non-negligible. Thus, intended positioning for the continued ride towards SHS objective of 92.45 will be in a much smaller trade size, unless its possible to identify sensible stops against low risk entries later. Right now, it is very much a guessing game still. To keep buying when it goes lower is NOT an option. Because of the uncertainty (pre-mature pattern), I will restrict myself to the fresh 2 unit position. No more.
  • A buy-stop >88.40 is a must, though.
  • Ideal if a triangle starts from the new local price extremes of 88.40-86.97. That would be the easiest to trade. A zig-zag with a new local low below 86.97 would be difficult and painful. Let's wait for more clues from price action.


Taichiseal said...

Day trade : +87.36 / -87.74

Taichiseal said...

Taken profit on Core long position.


Now wait to buy lower OR buy break of 88.40.

Taichiseal said...

Stopped-in triggered.
Long @ 88.41.

Taichiseal said...

Added on @ +88.81 earlier.