I thought it was a great Long setup yesterday with all Stochastic in sync.
But it didn’t work out. The price continued to drop, and as a result, H4 Stochastic has not crossed up yet.
Let’s re-align the stuff.
I think it is OK to say the price is still in the Support zone on Daily, while Stochastic stays in overbought zone.
As I said earlier, H4 Stochastic continued to go down and has not crossed up yet!
However, look at Hourly Stochastic (below). It started to go up and now above 25%, and 5/8 cross up ! (though the price is still far below 21EMA)
This is still VERY aggressive setup. But I would like to buy this pair, once I see the break of Today’s high (184.30). Or… to be on a safer side, I could further wait for the break of DPP, then buy this pair.
Once we can get into the next up-wave, I think we can ride H4 Stochastic up cycle.
Hope this setup helps your analysis.
YJ Baik – Forex.Today @ Tokyo
PS: If you are Bear, your setup is below…