- 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.
24 January 2013
USD/JPY : Only Sell IF ...
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4 comments:
-89.86.
Tight stop.
Stopped out 90.05.
New high. Revert back to net long.
+90.27
Trailing stop hit. -90.50
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