USDJPY - stay alert - for poss. reversal

Discussion in 'Forex' started by deadbroke, Aug 11, 2010.

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  1. CNBC is abuzz with talk about a 15-yr low for USD versus Yen.
    And they are saying some other entertaining stuff too, as usual.

    --------------------------------------------

    Short is the way to be But here's what I'd like to tell you ...

    There appears to be a full 5 waves down on Weekly. This means an A-B-C upward correction to at least 38.2% retracement of the drop from June 17, 2007 is likely.

    And under the hood, quietly in the background, USDJPY has just arrived at Fib extension 261.8%, a known criminal support level.

    A 4H close > 86.127 might start a countertrend significant rally. So be alert to close your short and go Long.

    :) :)
     

  2. She be on the move now, threatening a/the trendline. But we wait for the 4H close > 86.127. Patience.

    :)
     

  3. As you can see, she took out the trendline and is now just a hair below the trigger signal mentioned above. We wait. Patience.
     
  4. I find it a very nasty pair. I bought it at 85.25, and it played so many fakes yesterday. I decided to sell it today. It continued a bit up.

    Interesting to hear that CNBC is making bearish talk about it.

    Where do you see the rally ending? 90.00 area?
     

  5. She is now taking out the trigger signal on a 4H bar. We wait for the close of the bar. Patience. :)
     

  6. Done! Take short profits. Position closed. Go to sidelines. :)
     
  7. Kubinec

    Kubinec

    What time of day did you trade?

    This thread just goes to show... don't trust fibs and elliotts.
     

  8. If my call works out, it can go to 99-109
     

  9. Don't be so hasty to judge. :) This is a Daily timeframe call with 4H as trigger.

    A close > 86.209 = go Long
     


  10. NO signal to go LONG on Daily timeframe since the close > 86.209 did not happen.

    But I called to take short profits on 4H - so even though a profitable run, it was not my intention to exit early, so that aspect is clearly WRONG and premature as a lower low was made.

    More on relevant 4H update post follows ....
     
    #10     Aug 25, 2010
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