My decision on the $ yen has proved to be poor judgement. The pair has continued to fall and has found Fibonacci based dynamic support at a construction known as the FIB Fan.
The Fan easily and without any Gann based , scaling of charts, derives dynamic support and resistance levels which are quite uncanny. It is fully taught in our trading course. The next is running in London at the end of January 2010. The seminar is taught by myself and Tom Hougaard and is held on the 26th Floor of 40 Bank St., Canary Wharf. Its worth coming just for the view of London.
Tomorrow we can easily get a signal to re enter the $ yen based on a break and a kiss of the Fan level. Todays was a winning trade and i should be grateful for that.
The gpb Yen is sitting on the support level from the daily rising wedge that I presented on Sunday evening. As i said this morning there was a signal on this pair on the hourly chart which i ignored on this Blog. Again I would expect the Sterling Yen pair to break this daily trend line and then kiss it . This will make a relativly low risk entry similar to the trade on the $ yen we took this morning. I think this can be a 200- 300 point trade but as we know well in this business ...ANYTHING CAN HAPPEN.... It only takes one trader somewhere in the world of size,to totally stuff your prize theory.
The four hour view is shown above.
As i write the pair is bouncing off the trendline.
Cable looks as if it can break up in the morning. I missed a signal on the four hour chart in this pair this afternoon while i was at the gym. There will be many more .
So as the end of London trading approaches I am flat. A little blue that i did not hold the $ yen a while longer. Very eager to get a low risk trade in Gbp/Yen in the morning.
I will post my thoughts before the start of the London session at about 0600 GMT.
Have a great evening.
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