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USD/JPY

USD/JPY

2009-10-21 12:07:00
Thomas Long, Course Instructor
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I have also plotted a trendline which offers Fibonacci retracements to get a better feel for how far this pair can retrace and still be considered a downtrend. Ideally, we would like to see this market move up to the 50% Fibonacci retracement level which is the middle line and reverse. I also have Slow Stochastics (15,5,5) plotted on the chart to help time any potential entry and at the same time serve as another way to judge this move. This is where patience and discipline come into play, but keep in mind that those two traits are well rewarded in the field of speculation. Trend changes are inevitable, but we want confirmation of that change before risking real money. So if this pair continues to move up through the 61.8% Fibonacci level, we would take a step back and perhaps change our opinion the strength of just about every current trending move.

 

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