UsdJpy Potential Bottom

Hello Traders I hope everyone is doing well. I am extremely excited about the new Forex Trading Journal and Fridays Webinar. Both will be coming out on Friday so if you have not signed up yet you can do so here.

The Yen has been gaining strength verses the Dollar and now it has hit a support level that seems to be holding for now. I think I am going to try a long position on this pair if I get a 1hr bullish engulfing candle.

Take a look at the 1 hr chart below and see how the pair is just hanging down there at the lower levels. That is an indication of strong support if the engulfing bullish bar forms we could see some more strength.

Here is another USDJPY post http://www.tradergav.com/2010/10/05/is-it-time-now-usdjpy-04-oct-2010/

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Casey Stubbs is the founder of Winners Edge Trading, which is one of the most widely read forex sites on the web. Winners Edge Trading has trained thousands of people to trade the Forex markets.

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  • parman

    Sorry, my last post was for our friend jhad72 and his or her comment

  • parman

    Then you should go the other way and make a killing most of the time. Let us know how you do, I would be interested in your results. Maybe you are onto something, but I doubt it

  • Parman,

    I appreciate my readers especially old time readers like you 🙂

    Thanks for the comment and please come by anytime I appreciate the feedback so much.

    Casey

  • parman

    That was a good find Casey, I liked that set up. Got engulfing candle too. Entered at 82.26 long. Stayed flat for many hours. sold it at 82.25. It was a good set up thou. Did not want to hold it thru the jobs no. on fri at 8:30 am. I sold the dollar going into that jobs no. announcement as it was expected to be bad. Got out 6 min. later for unreal gains on 5 pairs, Just a practice acct thou, but the strategy worked…..this time . Thx as always, great site

  • Thanks Leon,

    I appreciate the encouragement. For everyone like the one I get above I get 10 good comments so I can take a 10 to ratio 🙂

  • Leon

    Nothing like constructive criticism to keep one going…
    Keep it up Casey, we are reading and taking note – thank you

  • Jhad72

    All I ever read from this site is about tops and bottoms.. And most of time your wrong.