05/02/2014: SOLD USD/JPY at 101.202

I used this mini bounce within the recent downtrend as a chance to sell

I am looking for a move back towards 100.00

My stop at 101.47 (above intraday resistance at 101.45)

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  1. Tx for the USD/YEN tip.
    My experience is as a small player that one should combine ideas from experts ( that will hopefully end up with big gains…) with own ideas about small gains…
    10×10 is much easier to get than 1×100……..LOL

  2. I am glad for you.
    I am debating with myself now as to whether to take my profit before the ISM Non-Manufacturing number in 1 hour 20 mins…

  3. Well, I still think that things are shaping up for a retreat to 100 yen.
    200 dma at 100.10 is a good gauge for the big corrections.
    Risks to that are a positive ISM number.
    Plus there is always Friday’s Non-farm Payrolls too.

  4. All intraday hourly moving averages are falling, there is a downtrend in place since 23rd January and whilst the the key overhead resistance at 101.83 remains intact the outlook remains under pressure.
    I expect the recent lows at 100.74 to be retested in the least.

  5. Tx for the answer.
    Unfortunately I chicken out at 101. 20.
    I also sold EUR/USD but at 135.37
    I like the way you analyse and also that you concentrate on just a few pairs….
    It has been a good day for me….a lot thanks to you.
    Ive been following you 3-4 days now…..
    One cant take advices without some thoughts but you are a very good support ( for me anyway)

  6. I was always taught, “You are never wrong to take a profit”.
    My preference is to stick to the major FX pairs, where I feel comfortable, although I also trade indices and gold.
    I strongly believe it is important that you trade what you can understand, and also not to overstretch yourself in what you look at.
    Good luck in your trading.

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