By mike on April 3, 2010
There is a good short opportunity coming on USDJPY at 94.80 based on an emerging bearish CRAB formation anticipated for completion at 94.80 with the following convergences
1. 1.618 of XA
2. 2.618 of AB
3. good resistance level at 95.00
aggressive should place PO at 94.80 with stop at 95.50 while conservative should look for CF
stop shd be placed to break even when price hit 94.00
t1=93.00
t2=92.25
Posted in Open Trades
My name is Fowope A. Mike, a mathematician and teacher, who has worked in one of the leading banks in Nigeria for 8 years. I started trading the Forex two and half years ago. I am a chartist, who vehemently believes in 'Trading what you see on the chart'. My trading concept is looking for convergences at important levels. I employ harmonic patterns, multi time frame analysis, trendlines and fibonacci retracements as my trading tools. I am a contributing editor for currency market column of stock watch magazine in Nigeria.
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