Recently, it started being obvious that the Yen was weakening, so I decided to go long GBPJPY .
I still think the dollar will remain weak for the rest of the year, possibly until June 2016, nothing has changed, but the
Nikkei is implying that it will rally asap . Tim West's recent publication clearly depicts how the stage was set up for a rally, so I'll limit myself to expand the analysis with a few more details of interest that are worth noting. I include the indicator on chart, because it's a very highly regarded tool among japanese traders, and many pro traders as well.
It's good to contrast our own analysis with other tools from time to time.
The weekly time at mode downtrend target has been exceeded, and now, time has expired. This implies the Nikkei has a low probability of retesting the mode from where the downtrend launched, at the 20385 mark, in 9 weeks or less.
The is giving confirmation of a time at mode trend signal today, which aims for the top of the kumo resistance. Interestingly enough, the lagging line, which is part of the suite, sits above price, 26 bars back from today. This implies that it's possible for price to cross the cloud resistance and meet with the mode above, or beyond.
Good luck if going long, keep in mind rgmov is in a downtrend in the daily, so I'd still would look into fading the target hit, or the resistances above, or even short under the highest daily low after overbought spikes.
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Time at Mode FX
Analyst at Concord Bay dot com
2nd 75% fib entry didn't get a fill.