Good luck and may the odds be ever in your favor!
- #51,586
- Nov 25, 2014 2:36pm Nov 25, 2014 2:36pm
- Joined Apr 2014 | Status: Scalper / Swing Trader | 1,417 Posts
- #51,588
- Nov 25, 2014 2:53pm Nov 25, 2014 2:53pm
- Joined Jul 2013 | Status: Trader | 2,059 Posts
{quote} I'm hedging my bets on at least a small pullback before going beyond 120. there's just too much of a psychological block for it to just fly right through; as previously stated, it's a level that hasn't been seen in over a decade, and it's also a round number to boot (forex seems has a fascination with round numbers.) The only question is how big the correction will be-will it only go down 100pips or so before going straight back up? OR will we see a more pronounced correction?
But in terms of significant pull back, the only thing I'd view in the category as "significant" is if it shows up as a pull back on the daily chart. This would be much more than 100 pips. There was one last month. Could be one this month, but I doubt it.
I only base my opinion on where the S/R levels are. I just don't see anything around 120. But my opinion on this is worth nothing really. I will form a better opinion once I see how price is reacting to whatever level it finds itself at. But even then, it'll just be an opinion which could be right or wrong.
Having said all of that, if it does break out long from the current consolidation, I'd expect 119 to become support. So, could easily hit 120, back off to 119, then go to 121, etc...
Fun to speculate
- #51,591
- Nov 25, 2014 4:27pm Nov 25, 2014 4:27pm
- Joined Jan 2012 | Status: Trader | 1,711 Posts
Good luck and may the odds be ever in your favor!
- #51,592
- Nov 25, 2014 4:28pm Nov 25, 2014 4:28pm
- Joined Jan 2012 | Status: Trader | 1,711 Posts
Good luck and may the odds be ever in your favor!
- #51,593
- Nov 25, 2014 4:30pm Nov 25, 2014 4:30pm
- Joined Nov 2012 | Status: Trader | 5,895 Posts
if this wedge breaks down in nikkei it will be nasty for u/j {image}
{quote} That looks like it's getting ready to breakout to the north, which would be a good thing for the U/J
My plain guess is the downside though 
the last time i posted here was the day it rallied to 118.98, my sell order has been filled @118.56 and i remain short with a stop above the highs and since the u/j and the j225 started to diverge, i'm looking to add to it if the j225 attacks the upper line of the wedge.. 1st target around 116.90, 2nd around 115. Risking 60 pips for 160 (at least) is ok.
MarginTrader All Time Return:
na
- #51,596
- Nov 25, 2014 4:50pm Nov 25, 2014 4:50pm
- Joined Jan 2012 | Status: Trader | 1,711 Posts
{quote} Yeah, although a rising wedge is usually a bearish pattern (market reaching for supply this way), an upside break is in cards too. Then, sky is the limit for u/j
Good luck and may the odds be ever in your favor!
{quote} Very nice job! Beautiful trade!
still could evolve into a 68 pip loss MarginTrader All Time Return:
na
to see that level 