Monday, January 25, 2010

Jan 26 - USD JPY still in bottoming process

Original trade idea is available at:
http://cmellon-deltatrading.blogspot.com/2010/01/jan-13-usd-jpy-trading-plan.html

USD JPY is currently still in a range with no confirmation of ITD 1 low / MTD 8 low arrival yet.
Per my calculation, ITD 1 low is due on average this Thursday January 28. This date also happens to be 50% TIME retracement from the low of 85 (Nov 26, 2009) and the high of 93.6 (Jan 7, 2010). Something to watch out for.
 

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