USD/JPY "M" Pattern forming !!!USD/JPY is forming a really nice "M" pattern chart and is also going to brreak the trendline. All the analysis are to short this pair !!
MW
2000+ PIPS EITHER WAY...This is a long term trade. If you do not trade long term then use it to align yourself with the market as things unfold
Bulls are gaining but the bears are still in control...** To get my updates immediately, please make sure you follow me. Sometimes, I update my charts on old charts.
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Bullish in a bearish marketThis analysis is just meant to put things into perspective
Your comments are welcome
Still a bear but I need a sign...Bullish signs
1. Correcting from that very strong support area
2. "TS" is rising nicely with momentumand has already crossed the KS.
So the guys on the lower timeframes are feeling very happy about this move up ad are still very bullish
Bearish signs
1. the trend is still bearish. To become bullish we have to break the critical level
2. now at strong resistance in the form of the YPP and the future kumo's SSB and the downward momentum is still strong as we have not yet reached the kumo
3. KS and SSB are both still bearish.
4. We have not broken the KS reversal level where many bear stops are placed
So the guys on this and the higher levels are just seeing this up move as a correction
Are you confused?This chart is not meant for trading purposes but rather as a way to reflect on some technical analysis issues. It is also related to my tradable USDJPY H4 chart which you can find attached below.
I hope you find it useful
Good luck
MW -- COVERED CALL IDEAMW (retail/clothing) has had an absolutely brutal year, with its price-per-share shirt literally ripped off its back, plummeting from a high of $66.18 in June down to its current value just north of $15.
With $1.00+ in premium to be had on the call side for the Feb 19th 16 call, it may be worth initiating a covered call here.
100 Shares MW at $15.05
1 Feb 19th 16 short call at $1.03
Entire Package: $1401 (break even at $14.01/share)
Max Profit: $199 (if called away at $16)
Notes: I looked at going a little bit farther out in time than usual to capture some additional, cost-basis reducing premium here, but it doesn't seem like you necessarily get a lot for that. The March 18 16 short call currently goes for 1.45 at the mid price (.42 more than the Feb 19th), but I generally prefer to keep the short calls in closer in time, since it allows for additional flexibility in rolling for additional credit, particularly if the underlying continues to collapse. An added drawback to this play is that the underlying does not have weeklies, so you can't get into a 15.5 short call (which would be preferable).
