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Trading notes 02/01/15
The USDJPY is in the lower portion of its range, approximately 200-pips from the lower edge. Friday closed with sell pressure but it is still inside its week and a half consolidation (red circle). I will look to play sells below Friday's low and longs above the recent highs.
If the sell sets up I will look to target it into the third test of the lower edge of the range. If the long sets up I will look to target the area three quarters of the height of the range. We wont know which way it will be until things get going Sunday night or Monday but it will be one or the other or both because that narrow consolidation wont hold long. If it breaks the lower edge I will get more agressive with sells.
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.