TRADING FOREX MARKET
The fact is that pattern exist is evidence of price manipulation, which in turn creates predictability that produces profitability for those who can see the patterns.
Greggory L. Morris
Thursday, March 25, 2010
CAD/JPY (-48)
pair does not provide immidate reversal, but the bounce of the FIB.(38.2%) retracement proved successful in previous cases. With only few days left in march, JPY repatriation flows become worry of every trader taking long position on this pair (in the short term). Slow Stochastic provide valid entry on a divergence in addition to the FIB. retracemnet. Stops should start above highs (week of Jan 3, 2010)90.61, and targets to start at 89.60, with keeping in mind that in case of falling equities & commodities (oil) gains could be significant on this pair. (weekly chart)
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