Tuesday, September 30, 2008

9-30 Trade on USD/JPY 4 hour Fractal break retest

As of this writing, I just took a trade on the USD/JPY pair. I opened the chart and saw a rally going back to previous support on a broken fractal. After a rally of 170 pips, it was going into the TSR I located. I didn't even have to draw a fib on this, as I figured I would at least get a reaction to it. I got filled at 105.17. Looking at the 1 hr chart, it is pretty easy to locate the strong area of SR that it is retesting (weekly lows of the fractal-range). I managed it off the 5 minute chart and 10 minutes after entering got a break down of the smaller fractals, a break of an intraday trendline and a quick surge that paid.
I am locked in now but left a percentage open. With risk aversion still in the market, it would be nice to see another big leg down from here. If I get stopped I think another good level to short is 105.59.