Thursday 29 April 2010

Long USD short JPY....Hagopian









Using the 'Mr Hagopian rule' is a good tool to confirm a rising market. In the above white ML set it doesn't matter what you do with it IE 'Mod Schiff 'it or 'Schiff 'it or leave it as a straightforward fork or which P0.....Price still never makes it to the CL. In addition i can count another two long term forks of similar type (Hagopian or CL failure) that confirm a rising market and price now is bubbling under the upper median line parallel of the white fork. I am now long at 94.00 (with a 20 pt stop) which was a rather messy entry using a multiple stochastic system and Bolly bands... i should have been more patient and waited and tried to catch a better entry as price traded in a narrow oscillating wave range this morning in the Euro session between 93.90-94.10 and i picked a long in the top 3rd of the range...Not ideal but with price now testing the white UMLP i expect it to continue in the range until it pops right through ...then the classic long entry of a retouch would be possible. I use multiple time frames and ML's in all and mini forks in 1,2 3 & 5 min TF always looking for price failures to reach the CL or to confirm price direction.

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