OK. I am out on the UMLP and short for a pullback (remember i am bullish USD vs JPY overall and do not want to be caught short on the USA opening) with the chief objective of getting back into a long position. For this i will use the stochastic setup on Buffy's template above.
http://www.dacharts.org/archives/Buffys_Classes/MOFs_and_Slingshots.htm
14:49...My short at 94.55 was closed with a measly 5 pip profit( i was impatient and v.wary of being short on the opening) but then again... better than a loss and add it to the 52 pips from the morning long trade makes a respecatble result.....but where will price go from here?
The reaction line and a double top formation (5 min TF) has caused price to drop back to the CL where it appears to have support for the moment..The stochastics are pulling back nicely but i am flat for the moment until i see where/what happens with the R-Line.
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