$ yen

The daily candle finished as a Doji candle last night at midnight GMT. So far today the market action is inside yesterdays.
As the US holidays will result in markets becoming quiet I have decided to stand aside.

Good Trading

David

$ Yen

The $ Yen is showing a strong reverse divergence pattern which was today confirmed by a multiple outside bar chart pattern. I shall be looking for a low risk entry short of the $ yen tomorrow assuming the bar chart structure on the pair does not change between now and midnight GMT. Alternativly a sell stop can be placed at the low of today. This will take a significantly higher stop.
I will update when I see a low risk entry point.
Good trading
David

Yen

Well the Yen has broken up from the inside day that was charted yesterday. On many occasions a inside bar can break one way and then reverse aggressivly the other. No doubt I am hoping rather than trading. No harm done as our order was not touched. Lets leave the order in place to 2000 GMT and the REMOVE the sell stop. I will review the situation in the morning.

ACTION Remove the sell stop before going to bed.
Good trading
David

Yen

HI Everyone
Clearly i made a mistake. The sell stop in the yen is at 83.00 with stop loss at 83.50 and target at 82.00.
Sorry for the confusion. Looking at a lot of charts

David

$ Yen

Hi Everyone

I have been lazy in this blog, putting all my energies into http://www.whichwaytoday.com/ .

As you know i like wedges and i see a nice example in the $ yen. There is a good signal short on the daily chart using my reverse divergence studies. I have placed a sell stop at 93.00 with a stop at 93.50 looking for a 100 point target at 92.00. My risk is a total of 1% of my account.

Lets roll the dice.

David