The saga continues.... $Jpy

USDYen Daily (e-signal-composite feed)

USDYen 60min(e-signal composite feed)

USDYen 240 min(Metatrader-single brokerFxPro)

What promises to be a very busy week for all currencies lays ahead. To start with i will give my observations on $Jpy. (The above e-signal charts are a composite multi FX feed and far more reliable than my single Metatrader chart. If you look carefully you will see the discrepancies on various swing high/lows and also individual bars). If you have read previous posts you will know i was long 2 lots USD(short Yen) and took partial profits at 90.63 which in the Metatrader chart was at the aqua blue up sloping centre line. However it is doubtful on e-signal if price reached the centre line (dark blue in the above esignal chart) unless we 'tweak' P0 to another swing low...but more worrying in the Metatrader chart the downsloping green ML set price never got to the green UMLP ( upper median line parallel) but yet in e-signal it did at the area of confluence...this just further demonstrates what a problem it is to trade (especially high time frames) in Metatrader where we expect great accuracy and expect to use tight stops.
Anyway...you work with the tools you have as i have said before a good data feed pays you back and perhaps the best combination would be DataBytes live feed with Ensign Windows software. E-signals feed is excellent but the charting software is appalling.

Back to $jpy and why i added another long postion yesterdayat 89.73....you can see the 'Dragon' pattern?..like one of those Chinese New Year dragons that you see in any China Town? I can see it clearly with the long tail,humped back and front foot and neck then head with ears and noose/teeth (thats where we are now). On e-signal i have drawn the blue horizontal resistance lines that must be broken up-through( and were broken through). This for me is a bullish pattern and can be observed in many time frames and markets, but usually has two legs/feet and you trade the break-out of the head....which is what we had yesterday along the new Red( orange in MT) upsloping ML set. You will notice that using new swing lows and highs to draw this ML set we end up with what is in effect an almost identical frequency to the upsloping dark blue( aquablue in MT) and that the red/orange centre line is following the quartile inner line of the larger blue/aqua ML set with the same frequency. OK? It also is a level where the red centre line is at a 38.3%Fib retracement level of the most recent upswing of price (foot of the Dragon to its ears/horns) and also a 38.2% Fib RT from the much earlier sell of which forms P1-P2 in the dark blue/aqua blue upsloping ML's. In addition i use Fib time expansions to show that if P1-P2 is 0 -1.000 then we are(were) at a 1.382 Fib time zone and the Fib time points have done a great job in describing previous swing highs and lows at.382 &.618. This level also has an important horizontal multi pivot line marked in magenta purple. I have stripped the e-signal chart of all indicators as you will see it is complicated enough with just Fib's and ML's and MPL's and supp/resistance, but if you look back as this level yesterday we had MACD(settings 7-10-5) bullish divergence on the 1hr chart. Price was supported perfectly by the Red centre line and after the 3rd hr bar i went long @ 89.73 with a 10 point stop. Price rose steadily but gently higher and the stop was moved upto break even yesterday afternoon. The objective is the red/orange UMLP which is along the same axis as the blue/aqua blue centre line but first we must get through the blue downsloping UMLP(esignal)