Trade Notebook
Date: Wednesday, September 09, 2009
Currency Pair : EUR/JPY
Outlook: Bullish
Support: Resistance:
132.20, 131.00 135.00, 136.00
Elliott Wave:
Wave e of the triangle seems to be completed. Now expecting a 5-wave move to at least 140. Price should break the upper channel and we could reach 155. Price has reached apex and could correct a bit.
Classic:
The resistance line from the downward channel is taken out improving the bullish side somewhat. Price is also trading above the 20MA which now acts as support. MACD is crossing up and RSI reading is improving.
Trading Update:
Light buying is justified with stops below 131.
Disclaimer:
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This newsletter gives trade setup information for use of the author. This is not trading advise and the author shall not be responsible for trading losses if the reader decides to trade upon the information herein.
Trading, especially currency trading , can and will cause huge losses.
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