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I am currently working as a Market Analyst at the Trinidad and Tobago Unit Trust Corporation. I was previously responsible for the TTUTC Universal Retirement Fund. I am a graduate from the University of the West Indies with a Bsc. in Actuarial Science. I am currently completing the CMT... More
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  • CTA 21-Oct-13 SGDJPY 0 comments
    Oct 21, 2013 4:20 PM

    SGDJPY- 4HR

    (click to enlarge)

    MAIN VIEW- BLUE

    SGDJPY looks similar to the count of USDJPY. The wave i impulse ended @79.595 on 16-Oct-13 and wave ii zigzag ended @ 78.898 on 21-Oct-13. It appears SGDJPY is at the beginning of a wave iii which should end around the 81 level, assuming equality with wave i. Momentum indicators support this view as there is a bullish reversal on the RSI, the MACD is positive and may soon make a positive crossover and the Fast Stochastic made a positive crossover and is not yet overbought. The count is invalidated if SGDJPY trades below 78.898.

    Trade idea

    Buy SGDJPY @ market (79.105) with a stop @ 78.898 (0.26% loss) and targeting 81 (2.40% gain). Reward/risk = 9.23. It is recommended to move the stop to break even if SGDJPY increases to 79.311.

    ALTERNATE VIEW - RED

    The impulse which concluded was a c-wave and not a wave i. SGDJPY is now in the midst of a 3-wave corrective pattern, but the type of pattern is yet to be determined (zigzag or flat). SGDJPY is commencing its b-wave, which should end between 79.311 and 79.606. Wave c is expected to end around the 78.805 level. Momentum indicators hint a move higher. The count is invalidated if SGDJPY trades below 78.81.

    Trade idea

    Buy SGDJPY @ market (79.105) with a stop @ 78.81 (0.37% loss) and targeting 79.311 (0.26% gain). Reward/risk = 0.7.

    Themes: SGDJPY
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