This Pair is a bit flat these last few days but it's still moving nicely in the flat area. I'm personally waiting for a good long position near the 113/115 area and I'll sit and be patient.Earlier the price was a bit higher than I would like so I waited and thankfully it paid off since it's down from where I last looked.
The MACD is crossing over the zero line and the short MA's have crossed over, and may head lower than the 200 MA. I like to use multiple MA's Ranging from short ones to longer ones to help confirm what the bars/candles are doing. My strategy is Long on this pair though I'm still going to act with some caution since overl, like the USD and ll other YEN pairs the trend is still down. But on the short term there are still good longs and shorts.
Take a look at the charts (3 of them) and see what is happening. Maybe I'm totally wrong and price will drop another 1000 pips to a new low level. If it does I'll be ready for a good short (I always am) But for now it may head down towards the support zone of 113/115 or so and if it does THEN I'll enter my long to reduce risk should it actually step down further to a newer low. With the signals I see in this pair right now a short would be not a bad play with a stop somwhere near 120... but be prepared to lose since this pair is heavily oversold and may snap up a bit more.
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hmm, looks like a long ways to 115, but i'll jump in there with you if/when it hits it, except i'll be going in with a newbie micro lot :)
ReplyDeleteWho cares what size lot it is. As long as you are spotting the good ones is all that matters.
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