Hello all, I must appologize for the long break since my last post. I was on a much needed vacation in beautiful Jamaica soaking in some rays and drinking a few red stripes!
I just wanted to get back into things with a quick post regarding the Yen pairs. I am partial to price action trading methods, as you have probably gathered if you have been following my blog. I am also partial to trading from the higher time frame charts such as the 4 hour charts and daily charts. I particularly like trading off of the 4 hour charts because for me they offer the perfect mix of reliable signals, and sufficient frequency.
Getting back to current market conditions. The UsdJpy and GbpJpy have been in a nice bullish trend since late October early November, 2012. These pairs have provided many nice entry points over the last 3 months.
As you can see in the 4 hour UsdJpy chart above, this pair is currently in a correction, or pull back. I will be watching closely for a resumption of the bullish trend. Once price confirms a resumption of the bullish trend I will jump on board and hopefully pull some pips out of the market.
How do I know price has resumed the trend? Or put another way, what is my trigger? Well being a price action trader the short answer is price! But I know that answer is not all that helpful. I personally use clues that the market provides such as pin bars, and some of the techniques taught by the PipDaq ebook. For those of you that did not cheque out my post on PipDaq price action check it out here: PipDaq.
Well it will be interesting to see whether this pair does infact continue its bullish climb or if the good times have come to end for now and the pair begins to show signs of reversing.
Well that’s all for this post. I encourage you to post comments, questions, or anything you want as long as it is related to forex!