A good run but not happy with the early exit. I see my mistake and understand it. Lesson learned! Done! No position now.
So my current thinking, august 25th is ...... Stay SHORT unless current trigger level @ close > 86.209 is hit. This is a 4H frame analysis. If a better trigger comes up on 4H, I'll mention it. 1H is being ignored.
Nice power move north. Daily downtrendline taken out. I wait for the trigger in quote above and evaluate then. This is a Daily/4H frame analysis.
USDJPY thread's reversal rally could get underway if lower aggressive trendline is taken out. But we also need the upper line taken out @ > 86.32 Uploaded with ImageShack.us
>>>>> And under the hood, quietly in the background, USDJPY has just arrived at Fib extension 261.8%, a known criminal support level. <<<<< There is of course a superior criminal level and that is 423.6%. We gots a perfect hit. Let's see if it holds? Uploaded with ImageShack.us
If USDJPY 4H close > 85.6 .... go Long & hold for weeks 4H close > 86.0 .... add to Long & hold for weeks (try to break the 6/day premature ejaculation bad habit) prelim. targets ..... .... 99 and 109
Approaching downside initial target from a large weekly Gartley resistance pattern. Dangerous imho to take longs before that target is met since it's likely to pull price to that point. Any bounce is more likely to be just another corrective move in the context of the downtrend at least until then.