The weekly shows an up bias hopfully you jumped on for the ride because it is doing a NASA Bast off right now!. Good Luck!
That is the problem people look at the very small time frames to much, and miss the true dynamics of the pattern unfolding. They miss the Flag formation on the weekly and the w that is forming. Showing bullish sign of a short term rally to retest the highs. Most commercial trader are watching this pattern closely! Oil the other day Perfect example posted over the week end. You would have profited greatly on that TRAS information. End my post at this time! Vacation!
I just had sometime to go online. Last trade (2 days ago was stopped (-20 pips)). I just placed (around 12:55PM EST), 1/2 of position size short EUR/JPY @ 161.06. I am leaving two other orders to get in (1/4 of short EUR/JPY position size) at 161.20 and 161.35.
I just see resist. from here on up to 162.3 (both on the daily and the weekly). IMO, it looks more like a time to scale in short entries with a stop above 162.2 and look from some retrace down to 156 or lower. On the shorter term, we've been unable to close above 161.5 on the hourly and have had lower lows (and lower highs) over the last 24 hours or so. A solid hourly close below 161 would make me a lot more confident. This is what I'm seeing on the daily... <a href="http://s24.photobucket.com/albums/c26/sammybiker/?action=view¤t=eurjpy2copy.jpg" target="_blank"><img src="http://i24.photobucket.com/albums/c26/sammybiker/eurjpy2copy.jpg" border="0" alt="Photobucket"></a> Comments?
There should be a cooling off bar at this area meaning a pull back on the weekly' there it closed near the high w/ a nice long candle near the top of the bar. On the daily it show a little support at this area 50%level from 11/7 top. Look at it closely>>>> because you can miss it if you sneeze>>> but it is clear as day! Wait and see approach. I know you want it to pull back first to the 158 area, before going up that make perfect sense also, pull back into a two wave 38% before heading up to the three which is normally 161% of wave one.. Right now we are at the 61.8% of 11/07 top >>>>wave down. Ended on 3/17/08 All measurement are from this wave down.
1:00AM: took 1/2 position off for +52 pips profit, and moved the stops on rest of position to a little bit better than entry price. Covered at 160.69. Current assumption: price would go to 160.00 area.
There is no equity drift driving the yen-pairs. It's range-bound chop until we see SPX trade outside of one sigma. Seeing a bear-reversal in ES overnight, but only a few handles. If in doubt, get out. I'd wait for a definitive close on equity index before trading heavy.