10 May 2013

USD/JPY : Patience Game

  • 1 month long consolidation over. The break above 100 is fierce.
  • Monthly : 101.67 is next significant resistance.
  • Weekly : Parabolic rise. Dangerous but can't fight it.
  • Daily : Triangle upside breakout targeting 104. That means we are going to blow the monthly 101.67 chartpoint away.
  • Trade : Cut Short Copper/Long AUD/USD to tiny (trying to trade out of individual legs to cut loss at better than current levels). Risk concentrated on long USD/JPY now. Long placed GTC order to pyramid more at 100 finally filled last night.


brown rice said...

TS you can consider selling 1-m 3-m 6-m puts in usdjpy, ive done that on the way up to earn premiums and levels I wouldn't mind getting converted and being long, but haven't yet had to. Saxo pretty good for selling options.

Taichiseal said...

Yes. Good idea. Thanks.