The amazing YEN

[psperos]

Nice loud speaker pattern here. These usually end up really bearish. Not always though...

This tells me the market has no clue what direction it wants to take it. Possible a lot of noise in the process of forming a top of some sort. What ever happens the next major leg will be very significant if we can kill this speaker pattern..

Zooming out on the one day chart there is a pretty clear head and shoulders as well. We are basicaly at the neck line right now at 110.53.

Wagers are in . I just short @111.60 with a stop at 111.10. This could be a major shorting op. First target 110.23. Probably will hit tonight.

If oil can pull back here we will be in even better shape. I have a feeling that was the main reason it was holding up this afternoon.

comments welcome ofcourse

[psperos]

Well folks. this is why stops are important

[psperos]

Some intresting things developing here. Going short last night with a stop above yesterdays high( see red arrow) would have been a good play. Too bad i did not do it. Live and learn i guess!

The saudi news just caused some bearishness in oil. The dolloar was still a bit strong from the FOMC meeting yesterday limiting the up side to the yen for the short term... till the dollar pulls back

Just now today we are starting to see some dollar weakness. -3 at 88.90 now. was up as high as 89.11 today

Take a look at 1 2 and 3 on the stochastic area of the chart. a break in the '?' area may leave some oppertunity for a good down move. We will need some more dollar and oil weakness to do this though.

If this happens we can look for these areas:

minor Supp
110.39
110.30
110.13
110.00

Major supp
109.80
109.13
108.82
108.10

Most of these adjust as time goes on.

All this would also translate into a euro bounce eventually. If it can get some bullish consolidation going here this might play out.

im curently short at 110.66. If looking to short i recommend waiting for a bounce in here Or shorting on a break of that stochostaic trend on the chart.

[psperos]

Stilll hoding my short from 110.66.

We have now formed a symetrical triangle. The play is the break. My guess is the news from japan tonight and or the US news tomorrow will decide the direction. For now im staying short and will hold on a break to the down side and maybe stop reverse to a break on the upside.

[psperos]

this line here in the middle is the regression of the 2 outter highs where the vertical bars are.

Keep an eye on this line for a break. this would put us on the way to 109.39 and decending with time if it says below the line and wants to form the channel.

[psperos]

Out of that on the break out of the upside. Japan GDP news must have been bad.

[Iris]

Psperos.............

Nice Work....with using the Charts and Research/Analysis.

USD is testing 90 basis with 88.50 providing launch and 88 as 1st Signal weakness...going to be some whip across the spectrum...
Looking for USD to test 92.50...and then the Dollar will have to show its intent for the next Long Term leg.

Iris

[gregh285]

Iris,
What is your rationale behind Dollar strength when the dollar index has been in decline for 2 years and the economic data leaves much to be desired.

The only thing keeping the $index from hitting the deck is FOMC fabrications.