USD/JPY Short Term – 31 Aug 2009
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Originally posted by “kosta”. Mon Aug 31, 2009 8:16 am
Hi everyone,
On the heels of Fibmaster’s video, I’d like to post my current trade I am in. After yesterday’s huge move down, we did face a rally in the pair up to new week’s opening gap. @ around 8am EST it formed 1-2-3 formation on 15 min timeframe. Higher timeframes D, 4H were on my side, though 1H TRSI didn’t cross yet, but made a hook, anyway I entered@ 93.2, right on break of those hesitation candles wicks, with pretty tight stop @93.4, aiming for 92.6. Supposed to be 1: 3 ratio, now @11am EST i am monitoring the price. If it doesn’t hit my target, I will exit around 12pm . Charts arw attached, comments are welcome. Thanks
Originally posted by “kosta”. Mon Aug 31, 2009 9:56 am
It’s almost 1pm EST. Price is slowly going into afternoon US range 15MIN TRSI starts looking sluggish. It didn’t reach my initial profit target of 92.6. I’m going to implement a time stop exit here(sort of a new term 
), in any case, profit of 40 pips for intraday setup should be Ok, at least for me 
As for perspectives for this chart, level of 92.9-00 presents an area to look for to sell a rally( round number and SK res of last move 93.3-92.65), but we’ll see if that lworks out later in the Asian session.
Cheers
Originally posted by “FibMaster”. Mon Aug 31, 2009 9:51 pm
Hi Kosta, you were in the same move that I had posted here;
FibMaster’s USDJPY trade setup from the day before.
Overall, the higher time-frame trends are still down, but there is not a lot of momentum. When the 15-minute RSI crossed up, I called it quits.
Your charts are good. A time-stop makes sense too, why wait around when the chart is not going your way? You can always re-enter..
Originally posted by “kosta”. Tue Sep 01, 2009 8:28 am
Thanks Master,
Your opinion is very important and valuable for me 
Respectfully, – Kosta
