Here is another pair that gave good no. of pips last week. NZDJPY has good chance of testing 67.50 handle in coming days. As far as price remains under 70.60 handle its not bad to looks for shorting opportunities. I have already trailed my stops to breakeven & if at all price decides to retrace, I will look for opportunity to re-enter market with sell order. Once the 70.60 handle is broken to north, then the shorts becomes invalid & bull will be considered in-charge. Look how it plays in coming weeks.
Looks like you got you piece of cake from the retracement of the long move. Now be smart & do not attempt to short again as the longs on yen pairs are not finished yet. Beware !
ReplyDeleteAlex4xes - Thanks for views, but what I am seeing here is a swing patterns developing. I do agree that yen is going to be weaker currency going ahead in 2013 but as you might know very well that price will not rise in straight line & here I am trying to take advantage of those swings before it going to go higher levels. I am posting another chart on same pair later today where you can see how I have planned to trade this pair. Anyway I am pleased to have your comments. Keep coming in & keep sharing your views.
ReplyDeleteCheers
And this is to inform that I have closed my short trade completely as I have realized different pattern forming in this pair.
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