What is the Yen doing?
Good Morning Dynamic Traders,
Hope your all having a good so far. The movement in price is still rather slow and price seems to climbing, but for how far will it climb?
If you look at the day chart below you will see that I have zoomed out. I have done this because I want to demonstrate 2 trend lines which are making a channel. You will also see that price has been staying within the channel with a couple of exceptions. Its these trend lines we would use to make money from the Yen.
We can still potentially make money with the trend lines, because price is currently climbing to the top trend line which will act as support. With the trend already down and short term divergence from the MACD a shorting position looks favourable. If these 3 confluences of events are not enough for to think about a shorting position, don’t forgot our trusty friend RN which mean we would have 4 confluences of events.
What do you think?
Carpe Diem
Richard Monnery
Hope your all having a good so far. The movement in price is still rather slow and price seems to climbing, but for how far will it climb?
If you look at the day chart below you will see that I have zoomed out. I have done this because I want to demonstrate 2 trend lines which are making a channel. You will also see that price has been staying within the channel with a couple of exceptions. Its these trend lines we would use to make money from the Yen.
We can still potentially make money with the trend lines, because price is currently climbing to the top trend line which will act as support. With the trend already down and short term divergence from the MACD a shorting position looks favourable. If these 3 confluences of events are not enough for to think about a shorting position, don’t forgot our trusty friend RN which mean we would have 4 confluences of events.
What do you think?
Carpe Diem
Richard Monnery
Labels: YEN
posted by Richard Monnery @ 10:58
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