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Trading notes 01/01/15 - Sell Formation on 4-Hour USDJPY
Happy New Year! Hope everyone had a blessed holiday season. I am excited about the new year and looking forward to working with you again on your trading. I spent some time on the break working towards finally getting my website format changed over to something that will allow more frequent updates and accommodate my more mobile schedule. I hope to have it finished by the end of this month.
I will look to sell into this pullback on the 4-hour chart. The daily initially stalled in its push to make new highs so I will look at it as an opportunity to play toward the formation of a deeper pullback on the daily chart. I will look for some stall bars as it tests the sell zone above as a cue to look for entries on my entry chart. If it does not stall at the sell zone I will look for longs above the recent highs or on a test of the sell zone from above.
I hope to see you in the room sometime. Be sure to use the bulletin in there to learn more about some of the filtering we can use to reduce trades down to the better opportunities as well as a video on how to draw the crunchies.