Fx futures Journal

Let's take a look at the JY weekly. Definite downtrend. However, we have had a long grail here which is an indication of possibe reversal. Now, looking at the weekly chart, we can draw a parallel between the current action and the action from 08/05/06. --There was the long grail--double bottom RSI which turned out to be false. --See attached chart-- I will then post an analysis of the current daily chart as compared to the daily in August in the next post or two.
 

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Here now is the Yen futures daily continutation chart between August of last year and current action. As you can see, the charts are quite a bit different. Right now, I believe long is the way to be. There may be pullback, but I will not be shorting right now--rather I will be buying additional strength that occurs after a pullback. --at least until further notice.
 

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Attached is the hourly JYH7 chart. I could perhaps see a profit protective stop below the reaction low, and then look for future long trades.--All subject to change of course.:)
 

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Quote from Buy1Sell2:

I believe now that the trend in the Yen is reversing. I'm long here at .8295 basis March.
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Doubled March Yen Future long position @ .8352
 
The following is a list of my current long March euro fx positions

130.610
131.380
131.280
131.440
131.650

Average price is 131.272. Current price is 131.410


I was a little disconcerted this morning when I woke up to see we had sold off. However, we had not breached reaction lows on the daily and the 20 MA is still upwards. Any thoughts I had of getting out right now were thrown out when I saw the following chart pattern. If I am wrong, I will get out with a small loss relative to portfolio size as usual. This is m position though now.
 

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