Daily Outlook

USD/JPY daily

Fri, May 9 2008, 15:33 GMT
by Dimo Dimov

Karoll


Elliott Wave Analysis

For more information and subscription to the full daily and weekly Elliott Wave analysis on Majors please e-mail to Dimo Dimov If you'd like to receive the daily updates for the US stock indices, please e-mail to anikolov@karoll.net


USD/JPY daily

The chart shows my working count for the movement started from 105.56. The fall is spectacular but I do not think that it is impulsive in nature. I labeled this movement as a corrective combination and if it is already over, one should expect at least 61.8 % retracement. With an eye on this idea I enter long. On the other side below today’s low will be a signal that the corrective combination will turn out to be triple corrective combination and further fall to 102.00 should be expected in such a case.

Trading strategy:11:24 EST; 16:24 GMT

Buy at market (103.05), stop loss - 102.55, target – 104.40

Confidence level – medium

Published on  Fri, May 9 2008, 15:34 GMT

Archive

Karoll Financial House  | 57 Hristo Botev Blvd., 1303 Sofia
http://www.karoll.net/ | office@karoll.net

Legal disclaimer and risk disclosure

This analysis has only informational and educational purpose and does not represent a trade proposal.

Interested in forex trading? forex brokerage firms!


Interbank FX, LLC
Contact the broker/FDM
Open a demo account
Forex Capital Markets, LLC (FXCM)
Contact the broker/FDM
Open a demo account
Alpari (US), LLC
Contact the broker/FDM
Open a demo account		Ingot Brokers
Contact the broker/FDM
Open a demo account		GFX Group SA
Contact the broker/FDM
Open a demo account

FXstreet.com will give you a 3 months membership as soon as minimum rebates have been generated (€150 for private trader/ €300 for corporate trader)

[Read Premium full description]


Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer.

Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management.

Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

©2008 "FXstreet.com. The Forex Market" All Rights Reserved.