The flu (stomach variety) got me pretty bad…but I’m glad to be up and sort of about. I have missed my Baby Pips peeps and it’s time for a follow up to the the trade I put on before I got sick.
I try not to make a habit of orphaning my updates…it’s too easy to do but I think the follow ups can be educational and offer a lot of insight into the day to day (sometimes hour to hour) decisions those of us in currency trading must make when managing a position.
The plan to play the upside on the USD/JPY was a good one but the 30 minute chart got pretty sideways and sent to looking for another intraday time frame where I could identify the uptrending market cycle.
I looked to the 240 but with the help of some great looking chart patterns, went with the daily.
Now that’s we’re hitting the forecast area (resistance) on the follow-though of the pattern and are face-to-face with 97.00, this is likely where to market cycle could pause, although the only signs of this shift are coming on the short term intraday charts like thr 15 and 30 minute.