Directly from Vladimir Ribakov's Live Trading Room
Here we are looking for ways to join the Bearish down move. In order to join this move if you are not already in would be to look to the H4 charts. Here you can see that we have a strong area of what use to be resistance now acting as support. This area is around 81.08. What we want to see is a break, retest and hold below 81.08. We don't want to see an immediate break back above this level. If 81.08 holds we want to have a break of the RSI indicator 50 line and we want to see the Bollinger Bands begins to open. If we get all of the confirmations then that will be our signal to sell. Stop loss will be place above the 20MA and we will be aiming the next support around 80.
USDJPY trade setup for March 06, 2012
USD/JPY Pivot Points (Time Frame: 1 Day)
Name S3 S2 S1 Pivot R1 R2 R3