Update for: 2011-09-05 - 2011-09-11
Posted on: Saturday, 03 September 2011 21:20
Short-Term Trend: weak downtrend
Outlook: Pricewise, USDJPY is exactly where it was a week ago and two weeks ago. As for the wave pattern, it remains unclear at this stage. I have put some labels on the chart to show one possibility, but other structural choises are possible too. So, really the confidence remains low. As for the trending conditions, they remain neural to negative, so generally the short side is favored. But it is difficult to find a low risk/high reward opportunity under the current market conditions.
You can also take a look at my latest video where I explain my method of using protective stops. I'll show you how to place protective stops that allow you to stay with the trend as long as it lasts.
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, 09/11/2011
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