AUD.JPY

[arco]

Well you may be saved by the topping resistance and the DT line. Wheres your stop ?

arco

[slam]

.45

[slam]

Stopped

[Xerof]

Haven't traded this one before, and see from previous postings that it's a beasty, as most yen crosses are.

But it may be worth shouldering arms around 8740 with a reasonably tight stop above the previous 'head'


Using my new toy, I have L2 Gann resistance at the same level.

Colonel Arco, if you're not at sea presently, cruising on those profits, you might like to confirm the positioning of the Major[:I]

[peat]

ascending triangle looking at the hourly over the last few days?

the horizontal line at the top is at 99.9 and the increasing troughs start from 99.2; 99.4 and 99.6 , theoretically a break of 100 would signal a buy with a 80 pip target.

[arco]

Hi Peat

Haven't been trading this one lately, but just
noticed there was a buy signal at 10.30 am which
would have given 20 pips so far.

100.00 is obviously the serious resistance round
number (and also a major Gann line). If that
breaks it gives a possibility for more
northbound movement.

arco

[peat]

hopefully your buy signal is still in place.

the awesome oscillator went green about midday.

[peat]

So I closed this out before I went to sleep last nite at about 2:30. Something positive anyway.
It would seem that there was a very tradeable setup here but my target was a bit optimistic (at this stage anyway).
In future with a textbook pattern like this I will trade the breakout a bit more aggressively position size-wise , but take some profits progressively i.e sooner than the theoretical target.

[arco]

Evening Peat

Yes, it was starting to look a bit tired afer 11pm.

Anyway, you got out near the top and made a profit,
so thats good.

Any trades on at the mom??

(I'm short Euro +16...watching carefully tho).

regards - arco

[peat]

Reversing tack somewhat here and looking at this from a longer perspective the AUD/JPY actually matches all requirements of the Fib reversal strategy that I've talked about from my book

1/ Completed a 5 wave pattern
2/ Crossed over the 261 fib extension
3/ Price has moved lower than the low on the highest day

More conservatively , a short position should not be taken until an abc pattern has emerged and the c wave has broken through the lows of the a wave. That would be at 99.15