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USDJPY 4 HOUR CHART – JOINING THE PARTY
USDJPY technical starting to turn bearish after the failure just below 162.
To build momentum. 160.00-25 would need to be taken out.
Upside limited as long as the down trendline is intact although wild card is today’s US jobs report.
The so called surprise index except for JOLTS has been negative (i.e. misses on the downside for economic data).
Note, this is a like an extended holiday in the U.S. with those at their desks likely opting to leave early after the jobs report.
This is a really good blog article worth reading
One of the biggest reasons traders fail prop firm evaluations is not understanding how relative drawdowns and high-water marks work. They don’t realize they could be a profitable trader and still breach the relative drawdown rule. Losing trades cause drawdowns and as such can’t be actively managed…. Read the full article by clicking below
Prop Trading and the Dreaded “Relative Drawdown”
Introduction to the Amazing Trader Classes
and
(A Key to Successful Trading)
Trading is not rocket sciecne.
It is all about odds and the ability to put them in your favor by identifying what I call the strong side (i.e. side least likely to get stopped out) at any point in time.
In my discussions you will see me using my Amazing Trader charts, which come from an algo I created.
My approach is to keep it simple with a logic that will make sense and is easy to follow.
I will also share insights from my many years of trading that you might not find elsewhere.
I will share how to identify the risk, what side to trade, and a strategy to put this knowledge into practice. You can use the same logic with your charts but you find it easier using The Amazing Trader program.
This is what one of my charts looks like.
And here is what I see as… (click on the image below)
See detailed previews from Newsquawk for the UK election and the US Jobs report
USDJPY DAILY CHART – A CASE FOR A TOP?
With USDJPY unable to test 162, a case for a pause can be made, even a top but only if 160.25 and then 160 are taken out.
As you can see by this chart, there is a long way to go to break the uptrend but at a minimum, there is a two-way risk as long as it stays below 162 with a bearish tilt if below 161.50.
GBPUSD DAILY CHART – ELECTION DAY
No change to what I posted last night (today;s low has been 1.2740)
With a landslide Labour win on Thursday widely expected, the reaction will tell us how much is discounted.
Charts, meanwhile are very clear… if 1.2739 becomes support there is a clear path for 1.2860 with the psychologicl 1.28 level standing in the way.
