Recall old post about possible way in which a market tops out (GBP/USD at 1.6600, 14Sep09).- Similar pattern could be repeating in Nikkei now.
- Weekly : UpTL broken. Now pullback to form possible right shoulder which should top out around 10170 (make allowance for more). Probable NL is at 9677. Head 10767.
- Monthly : Evening Star completed last month = bearish reversal.
- Had the hardest time with the GBP/USD trade round about this same stage but seems to be working out fine now. Expect same with shorting Nikkei. Conviction and faith required in abundance. No pain no gain.
- As per cable, game plan is to run a small short whilst anticipating the RS and to pile into the trade once we break the NL. The right headstart could be worth plenty in terms of mental capital.
13 October 2009
Nikkei : Applying Lessons from GBP/USD
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