USDJPY to Fib @ 91.574
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Having got short on my prop account at 103 I am now looking to target 91.5
The trend line down has been touch 4 times on a weekly chart making it a very significant line to be aware of.
Everyone that was calling for a double bottom I believe had thought that the FED would raise in September. If they do then i can see this trade not going to TP. If they do not quite a few stops are going to be targeted below 100.
Looking at the way the Fib and TL have been apart of the same confluence I look forward to seeing how this plays out.
The trend line down has been touch 4 times on a weekly chart making it a very significant line to be aware of.
Everyone that was calling for a double bottom I believe had thought that the FED would raise in September. If they do then i can see this trade not going to TP. If they do not quite a few stops are going to be targeted below 100.
Looking at the way the Fib and TL have been apart of the same confluence I look forward to seeing how this plays out.
Nota
As the market both in the Futures and in this contract has put in a reversal I have also added a long at 102.6My original Short position is on and the SL stays in place. The idea of going long is to lock in some gains and if I should get stopped out on the Short I will be in a good place for the long to go to the Moon :)
Penafian
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