$/Yen

Yesterday we placed three trades in the http://www.whichwaytoday.com/ live trading room. Two of which were short term trades and one a swing trade. The latter is still running and is at breakeven at this moment. Both short term trades were winners.

There was a possibility of trading the Gpb/yen yesterday but the setup occured on a one hour chart. I have discussed the type of trade that I report on this blog with some of the people who follow my calls. They feel that anything less than the four hour chart is hard to and impractical for them to follow. I would love to hear your views at traderdavy@gmail.com

Now the $ yen. On the four hour chart it has broken down through a major trend line and has gone back to kiss the trend line overnight. The trendline break is PRECEDED by macd compound divergence which in my book adds weight to the trend line break. This gives us a low risk entry point.

I am shorting the $ yen at market 92.22 stop 92.90 position size 1/3 of my normal short term trading size. I am risking 68/3 full points .

This is the fifth trade i have taken on this blog since its beginning just after Christmas 2009. I have had 2 big winners and 2 small winners so far. The tally is over 200 full points. I report the exact tally later in the day when trading is over. In the words of Kenny Rodgers..time enough for counting when the dealings done..

Have a great trading day.