With EWave also pointing to the 137.50.138.00 area for a possible
short entry: As that would give us a crack below that 136.33 level and
a snap back above -- thus major support has held, and,
I guess I was wondering why we're all ignoring classical
tech analysis that says we should go long until the support is broken again ?
Thanks for your thoughts,
Good weekend to all !
Well, I do what my strategy tells me to. I've started shorting it with very small positions. The support may have held indeed - the rally looks like a snap back up. If it keeps showing strength, I'm going to forget about new lows and I'll take profits at some retracement of the ongoing rally. As for this rally, here's how far it can get, by my reckoning:
I am not as experienced as you all, still very very new to this but in case I wanted a confirmation, I would select a cross currency that is in strong co-relation with the swing period that I trade on and keep a watch but this pair wont contain any currency in its quote or base from my trading pair...
Thanks by the way....:-)
You're close, pavan15589, how it really works. Please also consider the fact that the JPY is currently relatively strong, so your odds of success are the highest when you bet on it against some of weakest currencies, like (currently): the NZD. the CAD or the EUR. That's why I recommended going short NZDJPY. But I would NOT recommend going short USDJPY now. :)