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Trading notes 01/07/14
Hoping everyone had a great holiday season and that you are ready for another good trading year. I will be back into full swing starting next week, hopefully with most of this Midwest snow gone by then.
Today the EURJPY has consolidated its extension down from its late December highs and has been slow going so far today. It is the first solid pullback in terms of time since the extension down and it is wedged up pretty tight going into the afternoon. I will look to take the first long above yesterday's highs and the first sell below yesterday's low. If the wedge continues to rise up to where I can get a good sell off the inside test of yesterday's highs I will also look for an opportunity there.
There is a whole lot of room for it to go below if it can get started so I will try and leave some runners on for the break below the lows play but for the long above yesterday's high I will look to be out of the majority of the position around 144.20.
I hope to see you in the room sometime. Be sure to use the bulletin in there to learn more about some of the filtering we can use to reduce trades down to the better opportunities as well as a video on how to draw the crunchies.