Wednesday, March 11, 2009

Scratch...just before the move.

Found this JPY/USD momo on the fly whilst watching another potential setup.

The resistance I was looking at on the hourly chart hadn't been hit solidly. A more solid test would have to wick above the pattern highs so I wasn't willing to let the momentum slow on me as the pullbacks can be brutal at this hour (after 23:00ET) I took the trade off at the first minor support which, when combined with the spread and the size of the pattern, meant 2 ticks.

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