The View Down River

Same view as yesterday:

Key resistance 1916 (spot)
If breached, target 1940 and then 1968 (again spot)

Trades today: L - 1896 m06
Stopped out : - 1904

Looking for a spot to re-enter, the trend is now up I think it will just require some patience. Volatility like this is usually found at major turns.

Safest long at above the 1916 level if it holds : spot

I'm looking for something lower than this level to get in.

Just my take.

Good luck everyone.
 
1864 coming into the headlights. (cash)

If a long is elected at this level there is a well defined stop if nothing else.

Below that 1850 must hold.

Next crash level after 1850: 1810 Yikes!
 
I am not trading the Yen however, I came across this in the rumor mill from the FXStreet website that may be of interest. It concerns concentration of large scale bids and offers that may in the market.

"Bids look to keep the underlying propped higher at 118.80 with heavier considerations below at 118.20/25. Comparatively, with offers and plenty of selling pressure higher at 119.10, the pair looks to meet considerable resistance. Further stops reside at the even 119.00 figure."

It may help explain price action at these levels.
 
Price went thru, but I am not going to get long. I am not convinced yet. May be sorry, but I do not like the price action I see.


Quote from downrivertrader:

There is a lot of selling taking place just under this 1.1907 area and the bell curve is supporting a move down from here. So be very careful with any longs until this area is broken thru and holds.

DRT
More...
 
I agree.

The cash chart has very little upside until it runs into stiff resistance at from the 1905 to the 1916 level. If it makes it through this level we have a much clear path above to the 1940+ area.

Patience is a virtue or, so I am told...
 
12:33 PM EST Price 1.1923

I have the 1.1924 area as resistance right now. If price push thru this area, I will look for a pullback to here. If this holds, this will be a good sign to me that we are going to move up in future sessions.

If price moves down from this resistance, look for 1.1902 to hold. If it does than this would be a good long spot. If it doesn't hold, then there could be downward movement looming.

I don't think we will see it in this session, but you never know.

DRT


Quote from downrivertrader:

Price went thru, but I am not going to get long. I am not convinced yet. May be sorry, but I do not like the price action I see.
More...
 
I am long at 1.1924. I won't take much pain if it doesn't hold up.

DRT

Quote from downrivertrader:

12:33 PM EST Price 1.1923

I have the 1.1924 area as resistance right now. If price push thru this area, I will look for a pullback to here. If this holds, this will be a good sign to me that we are going to move up in future sessions.

If price moves down from this resistance, look for 1.1902 to hold. If it does than this would be a good long spot. If it doesn't hold, then there could be downward movement looming.

I don't think we will see it in this session, but you never know.

DRT
More...
 
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