Just digging in the trenches like everyone else!
DislikedHello everyone. I had some obligations the last couple days. I will get my analysis together soon and get it posted. One thing to point out, if you have a brokerage account with TS and make 10 round turns a month (or something like that) the platform fee is waived. Just have to subscribe to data. Forex data is free at this time. I think I only pay $4 and change for a round turn currency future trade. Very economical.Ignored
do you have a clue why usd/jpy is kind of sitting flat??? is there some kind of news that will move this pair, or is it some consolidation??
DislikedThank you DRT, reading 'yer post for a few weeks now, starting to implement 'yer studies...Trading 6 months and still alive.. studying charts, indicators and news roughly five hours a day.
G*D Bless you and your wallet in the name of Yeshua.
The dreaded comdols. Not easy.
This pair moved above the monthly longest line in trading yesterday and is attempting to build value above this key level. Although there is still an unfilled objective higher at .9662, the downward objective at .9287 remains open also. The distribution has tried to move down and balance the unbalanced bottom of the curve, and to some degree was successful but price has once again moved up. My bias (with caution ) is a move down to balance but it seems as though this is in jeopardy as of this posting.
If you notice, there is a long line around .9550 and it is very close to the same length as the current longest line. If trading moves up and builds in this area, then the distribution will look entirely different.
Here's how I would trade it...
Give it another session to see if we are successful holding and building value above .9473. If we are look to set longs back down ahead of this level and target .9550, then 9619.
If we fail to hold above .9473, then set up short and target .9287. Use the 9473 level as your pivot and entry point.
I am currently short and have been for a few days, but I am in the red now as we have moved up above the MLL. I plan to cover my short if we settle above 9473 area significantly.