Update for: 2011-08-29 - 2011-09-04

Posted on: Sunday, 28 August 2011 10:57


USDJPY: 76.61

 Short-Term Trend:  weak downtrend

Outlook: This market has continued to do nothing. The daily chart remains mildly bearish so the short side is favored but the daily price ranges (not to speak about the weekly price range) are so small, that this market is really quite boring. And to quote W. Gann, one should avoid dead markets (the quotatiton is not precise). So, probably one can find better opportunities elsewhere. But if you need to trade this market, then the shorts are still favored as long as the prices stay below the declining 100-day moving average (currently at 79.50).

Strategy: While the short side remains favored, it is difficult for me to find a low risk trade with high confidence now.

Next Update: Sun, 09/04/2011.


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