The "Big Breather"

Good Morning Dynamic Traders!

During my earlier trading days, I would experience immense frustration when the market challenged my analysis! This happened more often than not and indeed still does!
After many months of hurling blame on all and sundry, followed by a period of deep hibernation (the big breather), I awoke to discover the "value" of these experiences.

I cannot stress enough the importance of examining your trades - be they favourable or otherwise. Analysing a potential trade before taking your position is material, but studying the same after your trade is complete, is crucial to your trading success.

View your"big breathers" as a creative opportunity to do just this and learn from the knowledge you gain.

CURRENCY REVIEWS

1.USD JPY
The weekly chart shows that the figure 100 is proving to be a stubborn support refusing to break and close below the long term trend line (blog -14 Oct)

Below is the 4 hour chart
After last week's initial decline, price found a new resistance at a meaningful fib level early this morning and is, so far, abiding by the123 top analysis.
The Oscillator also suggests a nice set up for a wave 5 continuation.
But as always - confluence your events!


USDJPY 4 hour chart Advanced Get

2. GBPUSD
Yesterday the Cable presented us with an eventful spectacle. Volatile news confirmed momentum to the downside (blog -15 Oct) and indeed further weakness may be found.
However, both the daily (below) and weekly charts indicate a reversal may be due in the not so distant future.
With governer King announcing today, I am content to sit on the "support" fence until a convincing set up materialises.


GBPUSD Daily chart Advanced Get

My next update will be on Thursday morning.

Happy trading to you!

Saba Jackson