Wednesday, April 7, 2010

Sterling Yen

I entered the long position in Sterling Yen at the conclusion of the candle pattern to which I referred in yesterdays post. This was at 1600 GMT. The candle pattern confirmed as a valid morning star.

The move up is far from convincing and on the hourly chart looks more corrective than impulsive.

My entry was at 142.85 and the market is now at 143.38

I dont like the market action on the hourly and have decided to take this small profit.

www.whichwaytoday.com starts again tomorrow Thursday at 630 UK time .

Good Trading

Tuesday, April 6, 2010

Sterling Yen

The four hour chart of sterling yen looks as if it can ressume its climb northwards this afternoon. The price is making a rising bottom above the 89sma while the stochastic is making a marked lower bottom. If this candle finishes as above, then it would be a very bullish morning star pattern. This would be a buy signal.
I am waiting for this .

Good Trading