Tuesday 2 February 2010

USDJPY 30min chart....will it hold here ?

The chart below is one i did this morning showing several ML's (no parallels) and i was aware that price was struggling to make it through the green centre ML which has acted as resistance for some days.





Heres one that is right on the cusp at the moment with USDYEN on the confluence of the pink ModSchiff lower parallel and the blue and green centre lines just a fraction below. Theres a good long trade here with a tight stop of say 5 pips at 90.25 of you get long at 90.30

heres the close up in detail from the metatrader 30min and a nice hammer candlestick too.( i have changed the data feed (to keep a chart free of position lines) hence the slight distortion on the top MLP not touching the high candle. This yellow ML set is yet another that bisects price and has good price activity and is identical to the green MLP in the above esignal chart but P0 is at P1 swing high of the blue ML set. I get confidence always where there is a confluence of lines.

Time will tell.

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