Good morning
The biggest problem in trading the longer time frames is dealing with periods of inactivity such as yesterday. I personally traded the shorter timeframes twice yesterday and reported both in the http://www.whichwaytoday.com/ live trading room. The first trade was scratched at breakeven and the second in tha afternoon made 30 points. There were no longer term trades.
This morning my analysis shows that the $ and Yen are strong showing that the risk aversion apparent in the market is still around.
On paper short the Euro Yen makes the most sense, with short the Pound Yen and short the Euro$ coming next. This analysis uses my Relative strength Matrix technique which I teach in the courses in SA and London. It answers the question "What to trade" not when to trade.
The Pound Yen has broken and tested a channel on the h4 and is presently charting out a head and shoulders reversal on the m15 ,which HAS NOT broken as yet. The charts are shown above. The Yen crosses have the personality of very upset ex wives. Be careful. I am waiting until 800 GMT for any entries.
Speak at 800 GMT
Have Fun
David
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