I am thinking the time is near to enter a long for in the Japanese Yen. I however do not know if I will enter the trade for the simple reason that i have never traded the yen before. I think I will just paper trade this one and if it goes the way I predict, kinda kick myself for missing it, while patting myself on the back for being diciplined and holding back the urge to trade just for the simple facct that I see something.
So..on the weekly chart (see previous Jap. Yen posted chart) the time is pretty good. On a daily, the previous low is here, and the long bullish shadow on the candle stick (july 5th) looks like a lot of support down here (0.854). See Daily chart. While I do think it's ok to buy here per that bullish shadow there (stops below that low)...I think the best timing would be to wait for the 60min chart bearish channel to be broken. It would mean waiting longer and getting in at a worse price, but it would just show more strength if it broke that trend too.
That is what I will do...or for that matter, not do.
Good luck.
Andy
So..on the weekly chart (see previous Jap. Yen posted chart) the time is pretty good. On a daily, the previous low is here, and the long bullish shadow on the candle stick (july 5th) looks like a lot of support down here (0.854). See Daily chart. While I do think it's ok to buy here per that bullish shadow there (stops below that low)...I think the best timing would be to wait for the 60min chart bearish channel to be broken. It would mean waiting longer and getting in at a worse price, but it would just show more strength if it broke that trend too.
That is what I will do...or for that matter, not do.
Good luck.
Andy
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