Market Forecast for 11-26-12

Many of the YEN crosses are in a compression pattern and will likely break out within the next 8-16 hours. We will play both sides (long/short) of the breakout.

USDJPY:

ACTION 1: SELL Dollar-Yen @ 81.91 stop to open, use 82.15 stop loss, move stop to breakeven @ 81.75 MIT, cover 1/2 position @ 81.39 LIMIT BUY, cover the remaining position @ 80.81 LIMIT BUY, OCO your trailing stop on a 60-240 minute basis.

ACTION 2: BUY @ 82.27.5 stop to open, use 82.15 stop loss, move stop to breakeven @ 82.42 MIT, cover 1/2 position @ 82.71 LIMIT SELL, cover the remaining position @ 89.92 LIMIT SELL, OCO  your trailing stop on a 60-240 minute basis (especially use a stop if the market is running, else use the target). See the 4-hour USDJPY chart below with the complete analysis.

usdjpy 240-minute chart for november 26, 2012

Happy Trading!

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