USDJPY - News Snooze but still plenty of opportunities :)
Well not even moderate good news out of the US and Yellen stating that a USD hike could be appropriate relatively soon is moving the USD much . . . what does it take I wonder ?
Trouble is we are at extremes at the moment and traders around the world are just like everybody else, they need a lead to follow.
There are some set params here on the chart though and if your an intraday trader like myself then there's plenty of meat on the bone with a 120 point spread so long as you know what those parameters are:-
Consolidation with Lows at 108.5 +- and Highs at 109.75 +- (the Lows are the previous High - look to the left). We know that the trend is UP, the 5 day daily range boundaries are set (which I have moved accordingly with a new H for the day), PRICE is above the 100SMA 30m and things look BULLISH atm . . . blow up to a 5m chart with the same box of tricks in a layer cake and grab yourself 50 + points . . . but only on the BUY side !!
I'll post a 5m chart one of these days to show how it works in more detail but TradingView is not my regular chart feed so I am having to take time and duplicate things when I can.
Trouble is we are at extremes at the moment and traders around the world are just like everybody else, they need a lead to follow.
There are some set params here on the chart though and if your an intraday trader like myself then there's plenty of meat on the bone with a 120 point spread so long as you know what those parameters are:-
Consolidation with Lows at 108.5 +- and Highs at 109.75 +- (the Lows are the previous High - look to the left). We know that the trend is UP, the 5 day daily range boundaries are set (which I have moved accordingly with a new H for the day), PRICE is above the 100SMA 30m and things look BULLISH atm . . . blow up to a 5m chart with the same box of tricks in a layer cake and grab yourself 50 + points . . . but only on the BUY side !!
I'll post a 5m chart one of these days to show how it works in more detail but TradingView is not my regular chart feed so I am having to take time and duplicate things when I can.
Comment:
Well there you go . . . the importance of Homework and Planning . . . plot the parameters at the beginning of the day and update continuously. The BULLS have got the upper hand once again and were/are happy to take it up to the 5 day daily average which coincides with the psychological 110 . . . maybe they will push it beyond even but the "safe zone" is hitting its limits at the 150 +- range so common sense would tell traders to be aware here save getting caught in an exhaustion spike for the day. You never can tell if GREED sets in . . . done for the day here and back again tomorrow all being well :)
