USD/JPY on 20th Jun 2008

Analysis:
Since last week, there seems to be a lot of attempt for this pair to test the price around the 107.60 area and finally managed break that price to about 107.40 on the 19th of June. A spinning top was seen on the hourly chart at about 3pm (GMT+8) followed by a large upclose candle the next hour.

So I'm expecting some fibo retracement to probably about 50% - 61.8%. As you can see from the chart, the retracement of 61.8% attempted to test the price around 108.00. And it just can't seem to break that price. So after a few attempts, looks like its giving up steam and that's where it's going south.



Criteria for entry:
1) Fibo at about 108.00 showing strong resistance
2) 6SMA crossed 23SMA
3) Parabolic SAR formed on top of price candle
4) A break out of a small wedge.

Entry price: 107.83
Stop Loss : 108.03
Target Profit: 107.23

+60pips

The Virgin Post

Ok, finally decided to stop procrastinating and start lifting my lazy ass off to start a trading journal.

Well honestly.... I don't really care who reads it.. there's just too many blogs out there for people to read. So this is just my puny little brain talking out load.

Hopefully I can be disciplined enough to keep updating this stuff. I mean I should..afterall my primary purpose is to keep track of the trades that I'm doing.

So yeah... I wanna be a trader. I wanna be a good full time trader, that's my ultimate goal. What kind of trades do I do?

1) I'm into FOREX, yes Forex. For those dudes who never heard of it? I don't even know why you manage to find yourself here.

2) I'm into OPTIONS, yes Stock Options.

Already... let's see how this works out.