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Well you may be saved by the topping resistance and the DT line. Wheres your stop ?
arco
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Stopped
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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]
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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.
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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
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hopefully your buy signal is still in place.
the awesome oscillator went green about midday.
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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.
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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
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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
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