Sunday, December 29, 2013

A longer term look at the Yen

My personal trading style is daytrading. One of the reasons that I enjoy this style of trading is that I end each and every day flat, so I automatically ensure that losses, if not already closed out, are always taken. This is not to say that it is the best way to trade – it is just a style that suits me.
Todays charts are going to focus on the longer term trend for the yen. As a picture is worth a 1,000 words, here is my 9,000 word essay.
240 minute atr
daily atr
weekly atr
monthly atr
monthly regression channels
monthly pivots
look for prices to explore the 2.68 extension level
and then the 78.6% fib level
at some future point, this gap will likely be filled