Hope you guys are having fun and enjoying weekend. I was just reading trend following book by michael covel. I also listen to few podcasts in my free time. Just looking at USDJPY at the moment. There was a mention about it in the book during a period back in the 90's where a money manager blew up. I was curious to look at ichimoku and man if I was him, I could have made some coin instead of blowing up. Another story that fascinates me how Bill Ackman was buying VRX in downtrend. Holy crow its ridiculous. Follow your process and system .
Let's take a look at USDJPY:
Weekly: Macd is crossed up. Price is above kijun although it is flat. Chikou is above price. Net net bullish scenario. Will flat kijun cause a pullback or will it move higher , i don't know at this point of time.
Daily: Bullish. Kijun is holding as support. Macd is crossed down. There is some resistance there as shown by my black box. Once we close above, 118 is next target for me.
If Kijun breaks, we may see some correction. For now, we have to watch it patiently instead of rushing. My bias remains bullish still.
What it does here , is a tell for gold and 10y note. Note is already breaking down however. Waiting for UJ to make a move.
Take care and thanks for the read.
Let's take a look at USDJPY:
Weekly: Macd is crossed up. Price is above kijun although it is flat. Chikou is above price. Net net bullish scenario. Will flat kijun cause a pullback or will it move higher , i don't know at this point of time.
Daily: Bullish. Kijun is holding as support. Macd is crossed down. There is some resistance there as shown by my black box. Once we close above, 118 is next target for me.
If Kijun breaks, we may see some correction. For now, we have to watch it patiently instead of rushing. My bias remains bullish still.
What it does here , is a tell for gold and 10y note. Note is already breaking down however. Waiting for UJ to make a move.
Take care and thanks for the read.