We have many interesting elements in the USDJPY chart. The monthly time at mode uptrend expired and triggered a violent short which I took and published here. This still demands possible downtrend continuation towards the monthly mode at 101-102 in the coming months. The interesting point is that the weekly has an active uptrend signal with time left to hit the not too ambitious target at 126.067 but this could also loom the possibility of a new 11 month uptrend from this juncture.
I have a short position open, with a break even stop, entered in a bold manner, when approaching the weekly resistance at 123.55. In case the downtrend were to continue and confirm the 12 week decline, I'll add to shorts to increase my profits from this massive decline. In case I get stopped, I'll look into taking a long position, since this could be a very large long term trade.
If you want more information in managing positions like these, and the way I'm approaching FX trading, contact me or Nicholas Coulby (ncoulb1) here, we're running a trading room chat via Skype, providing timely trade signals and coaching for a monthly fee.
Kind regards,
Ivan Labrie Time at Mode FX
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Stopped out of short at 123.55. Monitoring for weekly uptrend completion, and potential monthly uptrend signal.
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If this isn't hit this week, we might see a major turn south.
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Went short:
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Move down might have started.
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Working like a charm.
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Might be wise to cover shorts and place longs now.