Cancel Open Orders: 2007-10-10 19:00
USD/JPY pushed higher and found resistance at 117.50 before dropping lower, then settling in the middle of today’s range. No trade was triggered, and I have decided to close open orders ahead of the Bank of Japan interest rate decision.
Cancel Open Orders
Stay tuned for a new trade idea!
Trade Idea: 2007-10-10 00:01
As we can see on the chart, we have a few technical indicators showing that we may see a reversal as the pair bounces off the Bollinger bands (set to two standard deviations). Also, we see a bit of divergence with prices moving up with higher lows, and stochastics trending lower with lower lows.
The risk to our trade is the return to risk as market players purchase riskier assets today, including equities and carry trades. But with short term bearish sentiment on the Dollar, we may be able to take a few quick pips on this one. Here’s my trade idea:
Good luck and good trading!
btw – I will be hanging out in the chatrooms tomorrow morning (9am EDT – 12pm EDT), so come hang out and let’s talk some forex!