Double top formed around 132.86 on S/R level. Got short during Monday. 2 targets: first 127.3 and second at 120.890.
Stop is at 132.868.
Stop will be moved to B/E on achieving target 1 as usual.
The thinking here is that the trend line from the Nov 2012 swing low to the Apr 2013 swing low has switched from being support to being resistance. On the last rally the resistance trend line wasn't even tested, the horizontal S/R from the weekly chart dominated instead. Meantime the alternative uptrend line was providing support but was under pressure for all of the last month or so, and on Monday it broke. Monday broke Friday's low during the Asian session, so around lunchtime Tokyo I placed a short entry at the low of the day so far. That was stopped in on Monday night.
The market may go sideways for a while with NFP on Friday; my stop is far away so I can afford to be patient.
Follow @mark27q1 on Twitter or circle me on Google+ for trade updates.
Stop is at 132.868.
Stop will be moved to B/E on achieving target 1 as usual.
The thinking here is that the trend line from the Nov 2012 swing low to the Apr 2013 swing low has switched from being support to being resistance. On the last rally the resistance trend line wasn't even tested, the horizontal S/R from the weekly chart dominated instead. Meantime the alternative uptrend line was providing support but was under pressure for all of the last month or so, and on Monday it broke. Monday broke Friday's low during the Asian session, so around lunchtime Tokyo I placed a short entry at the low of the day so far. That was stopped in on Monday night.
The market may go sideways for a while with NFP on Friday; my stop is far away so I can afford to be patient.
Follow @mark27q1 on Twitter or circle me on Google+ for trade updates.