gene22 it looks like wave 2 is greater than wave 1 and wave 3 is smaller than wave 1, just learning on this thread so i could be wrong.
DislikedHere is the chartIgnored
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DislikedThe reason for this rhetoric is a very impotrant level of 108, in my experience they like to do a preemptive round of talks before an actual intervention, so 108 is a given, the problem is that breaking that level brings us to 105 and more likely 102 which is a very undesirable level for BOJ. A point to note that at this levels it will have to be 1st a massive intervention, 2nd repeated at least twice as it never works from the first time and 3rd but not least the interventions of the past were relatively short lived on the grand scale. So the best we can do is be prepared when the yen hits 108, at that point we could see a lot of fireworks. There are strategies on how to profit from intervention. I usually try to have the buy stops placed at 50 to 75 pips from the current price as it moves down, once it activates it would be advisable to exit at least 60% after the initial 150-200 pip move.Ignored
Dislikedgene22 it looks like wave 2 is greater than wave 1 and wave 3 is smaller than wave 1, just learning on this thread so i could be wrong.
DislikedWell, it looks like price did indeed bounce off of that Weekly 100SMA around 224.50 (price actually hit 224.16 on my chart). My Daily Chart, which changed at 7PM EST, is very bullish. It wouldn't surprise me to see price move up to touch the Daily 5SMA, around 230, before making any new lows. However, this is Forex, and Japan's news tonight could cause more volatility to the downside.
looks like we are headed in that direction. Why 227? Would you consider adding more longs with a close above that number? Not that I take anymore myself...I'm about as long as my heart can handle and have been since 230.Ignored