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Trade Ideas

Trade Idea – 28 May 2013 (Update – 13:44 UK Time)

Hello Traders,

Just a quick update on the trade idea I shared this morning:

Short USD-JPY at 102.35

Stop Loss: 102.60

Target 1: 101.87

Target 2: 101.06

Looking at the price action since I posted the idea, I am not keen to keep this order. Price action has been consolidating in a narrow area just before my proposed entry point (shaded ellipse in relation to shaded rectangle). If gets into to the marked zone (shaded rectangular area) by taking out the high of this consolidation, it just might run through the zone taking out the stop loss point.  So I am cancelling the order.

usdjpyh1 28may2013-2

Happy Trading!

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