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USD/JPY :: 04.03.07 :: 23:01 EST
Location: BlogsZen Forexification    
Posted by: GoldIvX Tuesday, April 03, 2007 1:59:45 AM
+ 70 pips

10 minute chart shows a fantastic flag formation just waiting to breakout and bust through some resistance levels.



Went long after the breakout.  Breakout happened right about midnight EST.

Took profits around 06:30 EST.

These R/S lines are calculated on my 120 min chart from the prior days trading range.  The flag formation shows best on the 10 min chart.

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Outlook...

The pair looks bullish over the longer term and I'm looking for a slow climb up to 120.00 and possibly 121.00.  Many resistance levels before any of that though.

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[The information contained in this web document is meant only as a record and should never be taken as trading advice.  This material is not financial advice.]
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Comments (4)   Add Comment
Re: USD/JPY :: 04.03.07 :: 23:01 EST    By BrianTran on Saturday, April 14, 2007 2:28:58 PM
Excellent analysis, gold!!! I like your style and clarity! I didn't see you've post posting your blog until today. I'll be following closely from now on.

By the way, what charting software are you using? Thanks.
Re: USD/JPY :: 04.03.07 :: 23:01 EST    By goldivx on Sunday, April 15, 2007 2:50:38 PM
Thanks!

The charting software is from fxsol.com. It's their new stuff. The charts are great. Something like 200 indicators. But I may be using metatrader charts more often since there is such a huge gathering of minds behind the add-ons to that thing.

Anyway, this post was my second week of live forex trading with one month demo training. I did do some study back in the early 90s with techical commodity trading. So that helps.

Now starts my fourth week. First week 35 trades @ 36% win. Second week was 56 trades @ 40.5% win. Third week was 37 trades @ 59% win. I'm looking to top 70% this week.

Now obviously I'm down because of the amount of trades. I've never actually traded live. So there's that stop loss fear factor and I was on my way to death by a thousand stops. My third week was better but the trades need to go down and the percentage up.

So it's a fresh week and I have nothing but great expectations for pips.
Re: USD/JPY :: 04.03.07 :: 23:01 EST    By BrianTran on Sunday, April 15, 2007 10:35:33 PM
What stops do you use? Natural resistance and support areas or a fixed dollar stop amount?

Looks very good so far.
Re: USD/JPY :: 04.03.07 :: 23:01 EST    By goldivx on Monday, April 16, 2007 7:49:10 AM
I'm tweaking my strategy at the moment. So right now I'm using mental stops at fixed dollar amounts.

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