Yen

Friday 22 May 2009

While it is not a good idea to cancel stops, the 105.80
sell stop from earlier was not strongly based, and volume,
as 105.80 was being approached, jumped quickly and
that can sometimes be a run of stops, getting rid of nervous
longs ahead of a 3 day weekend.

The weekly chart remains up in the Yen, and removing
the sell stop was an attempt to not fall victim to a shakeout,
only to see price recvoer and go on to higher levels.

Use a 105.45 sell stop. Must be willing to accept the risk
to reap the reward.