DownRiverTrader
Junior member
- Messages
- 43
- Likes
- 5
USDJPY 3-2
Please note the changes in both static and dynamic leves for tommorrow and update your charts accordingly. A new River level has been established. We can discuss this further in the forum area.
You should recall that we were short this pair from around the 120.27 level. Our plan was to cover at the 118.38 level which we did. Our decision has been warranted as value continues to develop at this level.
Price continues to build value around the River Level of 117.80. I am expecting possible range trading from this pair between the 119.35 and 116.63 Level.
Here is how I would approach the current market.
Scenario 1
The River level is our short term key currently at 117.80. Set up longs on a move up out of this area when above 117.99 with a target of the Transition area at 119.35. Risk intraday would be below River at 117.80.
If we move into the Trasistion level at 119.35 reverse the position or set up new short positions with targets of 117.99 then the bottom of the range at 116.63.
Scenario 2
Set up shorts on a flow down from River at 117.80 with risk intraday above 119.99. Target would be 116.63 where I would cover. Then look to set up longs at the 116.63 level for a move back up to 117.99 or the current River level.
Only a close above Trasition at 119.35 would cancel my short term bearish bias.
BEARISH WHILE BELOW TRANSITION AT 119.35
Please note the changes in both static and dynamic leves for tommorrow and update your charts accordingly. A new River level has been established. We can discuss this further in the forum area.
You should recall that we were short this pair from around the 120.27 level. Our plan was to cover at the 118.38 level which we did. Our decision has been warranted as value continues to develop at this level.
Price continues to build value around the River Level of 117.80. I am expecting possible range trading from this pair between the 119.35 and 116.63 Level.
Here is how I would approach the current market.
Scenario 1
The River level is our short term key currently at 117.80. Set up longs on a move up out of this area when above 117.99 with a target of the Transition area at 119.35. Risk intraday would be below River at 117.80.
If we move into the Trasistion level at 119.35 reverse the position or set up new short positions with targets of 117.99 then the bottom of the range at 116.63.
Scenario 2
Set up shorts on a flow down from River at 117.80 with risk intraday above 119.99. Target would be 116.63 where I would cover. Then look to set up longs at the 116.63 level for a move back up to 117.99 or the current River level.
Only a close above Trasition at 119.35 would cancel my short term bearish bias.
BEARISH WHILE BELOW TRANSITION AT 119.35
