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USDJPY giant 130 pips bearish candle after NFP now providing a good short setup on it.
This setup is based on my latest tutorial on Pennants and Flags, you can review it here.
Flagpole is around 130 pips and now we are in a possible pennant formation (descending triangle here), so I’m looking for around 13pip below the previous low which is the low of the flagpole at 82.52 and this shows 82.39 is a good entry point.
25% of that 130pips move which is 33pips will be our stop and first target is 33pips for 1:1 risk reward ratio and the second target is to measure another 130pips fall from 82.52.
Note that if it breached the upper bond of the pennant then stand aside.

Read the original post here

INTRADAY TRADING SIGNAL BY ACETRADER.COM: USD/JPY

USD/JPY : 82.47

Last Update At 07 Dec 2010 01:08 GMT

Despite trading sideways in Australia earlier,
present breach of Fri's low at 82.52 confirms the decline fm last Monday's high at 82.41 has resumed n weakness twd 82.31 can not be ruled out, loss of momentum shud keep dlr abv 82.15/20 in Asia.

In view of said downside risk, exit prev. long
as abv 82.72 (AUS) needed to signal low, 82.90/95.

Range Forecast
82.35 / 82.65

Resistance/Support
R: 82.72 / 83.03 / 83.38
S: 82.31 / 81.99 / 81.64

http://www.acetraderfx.com

[B]Bias:[/B] I tend to favor this lower to 109.00-20 but beware of support at 109.44-62

Yesterday's losses fit in better with a bearish structure but should have limited downside today. I can't even rule out a scenario of consolidation. The key supports are at 109.44-62 which, while it holds, could see the correction recycle back to the 110.26 area. If this downward move & correction develops then look for bearish trade set ups at 110.20-30. Any loss of 109.44 would extend losses to the 109.00-20 area before a correction. In case this becomes more aggressively bearish then also watch the 108.33 low.

Only an earlier break above 110.30 and the 110.55 pivot resistance would extend gains back to 110.85-18 and perhaps ...

Attached Files

• The Brief Daily Forecaster.pdf (33.3 KB, 75 次查看)

Market Review - 06/12/2010 21:40 GMT

Euro falls as European officials split on bailout fund increase

The single currency remained under pressure on Monday as European officials showed divisions over the expansion of the eurozone bailout fund. Germany rejected IMF's call to increase the size of the 750 billion euro safety net but Belgian Finance Minister said the fund might be expanded. Euro fell from NZ's 1.3452 high and despite a brief pullback fm 1.3334 to 1.3381, euro tumbled again and reached 1.3246 in Europe before staging a recovery. Euro was also pressured as Moody's downgraded Hungary's sovereign rating by two notches to Baa3, the lowest investment grade rating and assigned a negative outlook.
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