15 January 2013

USD/JPY : Fibonacci's

  • Inclination is to rush back in too early when a strong trend like this has a hiccup. Is a weakness of human nature. 
  • Avoid "early bull" trap by noting the Fibonacci retracement levels - [23% = 86.70] [38% = 84.87], still very far away from current 88.78. Not worth trying to pick bottom unless we see those levels.
  • For such a strong uptrend, it's panic stations indeed if we do retrace below the 38% level.
  • Potential spoiler of the EUR/USD inverse SHS via EUR/JPY.
  • Selling is absolutely and completely NOT in my armory. Only allowed to buy in an uptrend. So patiently wait.

1 comment:

Anonymous said...

Nice to see you staying disciplined! Stick with whatever works for you. Good trading!