USDJPY

KI wrote: Chart of USDJPY daily, showing bull and bear fibbo. notice how the 23.6 on the bear fibbo gives the rise a target area rather than just a target point (261. on the bull fibbo. KI. clip2net.com/s/2vs70

OK so the target has been hit (as posted 6 days ago)So what do we do now ? Answer...Nothing, we sit and wait for consolidation or a bull trap before going short. KI.

Jackozy ....
Welcome to the world of currency trading. It's actually way more liquid than any share is so technicals work better .All the major banks trade this daily creating a very liquid market.
Elliott's waves work pretty good as well.
But the downsides are that it can get very volatile when it comes to breaking news .ie, economic news.etc,etc
Definately a traders market.

Thanks guys. I know it's risky as it's against a strong trend but 81.78 was my target in my trade plan so I've executed it. I've got tight stops above the 81.86 mini peak and have bagged quite a few pips on the way up so I figure I'm OK to do this. There are bearish RSI divs on multiple timeframes though these cannot be relied upon on there own.

I've seen the rounded bottom with 84p target but I can't help but feel that that's a step too far without more consolidation on the way. If I'm wrong then I'll get stopped out and either reverse my position with a stop below 81.78 or simply wait for 84p and short there instead.

I'm still pretty new to FX so I'll be interested to see how it pans out, especially if Ki's Fib system works as it's so simple it would be great to use. For now though, I've stuck to my plan as my plan has played out so far. I do agree it's looking ropey to be short at this level because it's not fallen back as you might expect from a key resistance so I'll look to keep the risk and money management tight on this. I'm only using mini-FX so it's not a biggy anyway.

Appreciate the comments and feedback (especially the warnings!) so thanks again

test
dl.dropbox.com/u/4899609/usdjpy20thnov.png

I couldn't post a dropbox link earlier either...

Still wont let me copy and paste chart. KI. Not to worry. KI.