24 January 2013

USD/JPY : Only Sell IF ...

  • These past few days, a complete lack of further technical development in the various ideas I am pursuing here. Hence this post to fill in the void.
  • Mentioned earlier that for USD/JPY, given strong weekly uptrend, I will not permit myself to go short (except for the very rare day trade when rallies deemed overdone).
  • However, after recent price action, I can now envisage a possible scenario under which I am prepared to go short USD/JPY for a tactical trade. See chart.
  • Daily : It is just possible that we are now forming a right shoulder of a SHS top. If we break 88.13, I will consider going short for a quick trade, but always bearing in mind that my plan is still to go long term long.
  • This is just preparation only. Too early to make the call or take action. Do not anticipate the SHS; just recognize the possibility. No Break = No Trade.
  • Aside : Am mentally prepared to miss the rest of the upmove if we go on directly to make a new high now without a further weakening first. So be it. Inverse SHS objective is at 92.50, but the last part is the difficult part now.


Taichiseal said...


Tight stop.

Taichiseal said...

Stopped out 90.05.

Taichiseal said...

New high. Revert back to net long.


Taichiseal said...

Trailing stop hit. -90.50