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Gold & Yen's Perfect Desert Storm
Yen strength still eclipsing USD rebounds during risk aversion. while gold's ascent is better gauged against currencies other than the US dollar.
Please don't forget to vote for Ashraf at the Shorty Awards. Also, you HAVE to state a reason for your vote to be counted. Thanks!
Asad
If we have a weak YEN in 2010. Would this potentially equate to a Japanese Stock Market Rally?
Steve
I have now seen your apologies on What About The Yen since you made your 11.55 ET posting here below which provoked my response. Many thanks. I will follow your views with interest.
John
Overall, one has to be impressed with the overall strength of the dollar index hanging in their under tremendous duress. Id this is all the Usd bears have to offer, then it is "Kitty bar the door" for long eur and gbp partisans.
Speaking of partisan...
@Partisan: I note your words, and have apologized to all forum members and to Ashraf. I was out of line. Please accept my apologies.
I and my stockbroker pay close attention to Ashraf. He may get some things wrong, change his mind - we all do. And, yes, given all the traffic on his site, we sometimes miss more immediate, clear explanations for these when they occur. It would help us in our factoring of his thinking into our's. But thats his call, on his freely-given time, and we retain very great respect for his judgement.
Lack of Twitter-space prevented me from adding very, patient and courteous to my voting citations for him - not words that one could use for Pipped Off. Postings of his like that below are an insult not just to Ashraf and but to the rest of us who choose to consult him.
John
Ashraf
Trade Idea: USD/JPY - Exit long entered at 92.30
USD/JPY 92.42
Most recent candlesticks pattern : N/A
Trend : Near term up
Tenkan-Sen level : 92.83
Kijun-Sen level : 92.51
Ichimoku cloud top : 92.40
Ichimoku cloud bottom : 92.17
Original strategy :
Bought at 92.30, Target: 93.90, Stop: 91.65
New Strategy :
Exit long entered at 92.30
Although the greenback recovered after finding support at the Ichimoku cloud bottom, a sustain break above the Tenkan-Sen (now at 92.83) is needed to suggest the retreat from 93.78 (Fridays high) has ended and bring rebound to 93.20/25 and possibly retest of said resistance level, otherwise, downside risk is seen and break of the lower Kumo (now at 92.17, exactly the same level as the intra-day low) would bring stronger retracement of recent rise to 91.70 and then towards support at 91.25.
In view of this, would be prudent to exit long and stand aside in the meantime. Looking ahead, break of said resistance at 93.78 would extend recent rise from 84.82 low towards 94.18 (50% projection of 87.36 to 93.22 measuring from 91.25) but reckon 94.87 (61.8% projection) would hold from here.