26 February 2013

USD/JPY : Fibonacci Levels

  • Had been looking for this sell-off for weeks, but missed capitalizing on the move now that it's here.
  • Plan was to sell the first new high above 94.45, which happened yesterday morning (94.75) in early NZ/Sydney trade prior to Globex futures opening at 7 am Spore time. By the time futures opened, it was already back down to 94.10. I didn't have the inclination to act then after having had a 94.70 bid there for my taking. Reason : I didn't want to do a cash trade for reasons explained many times elsewhere here. Silly! Should have hit the cash bid first, then switched the cash position into futures later same day.
  • Have to accept that this one is not meant for me. Let it go.
  • On the other side, exercise extreme patience when trying to go long again. I reckon 87.77 (38% F) is the earliest I will try. Anything higher carries great risk. Applies to long Risk On trades in general ie I need to look for a level to cut loss on my ill advised short ZNM3 position soonest.

1 comment:

Taichiseal said...

Cut loss on the ZNM3 short. Bought back at 131-19.5. Should have had a stop in last night.