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Trading FX with Jamie Saettele: 08/29/13

Trading FX with Jamie Saettele: 08/29/13

2013-08-29 19:12:00
Jamie Saettele, CMT, Sr. Technical Strategist
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I've been quiet in analyst picks recently because there simply haven't been many clean multi-day swing opportunities. There have been intraday opportunities but those are too short term for comment in this space. I always alert traders to intraday levels and ideas via Twitter (see link below).

The biggest opportunity I am tracking right now is USDJPY. Price is coiled after consolidating since the May top. The Nikkei has reversed sharply from support which has me thinking that the breakout will be higher in USDJPY but there are no certainties. Tactically, chasing before the breakout is a good way to the poor house. Don't try and position for a move higher as price approaches the top of a range. Patience.

Follow me on Twitter @JamieSaettele

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