60 Minute timeframe buy USD/JPY

This snapshot shows the basic setup that I try to take advantage of. Right now my trading is discretionary but I try to stay close to my trading rules, though more often than not I open position before the right time.

Here you can see 5 events that make it a good setup in my opinion:
1. Short lived bullish crossover of EMA20 over EMA50
2. Subsequent pullback forming higher low
3. Bullish MACD crossover
4. Net upward pressure forming right side of cup
5. Bar close above the downtrend line

A reasonable stop is 92.82 and target could be 94.80. Lets see how this trade turns out.

Disclosure: Long position in USD/JPY

QQQQ signals

Today QQQQ is showing 3 signals of near term top:

• RSI curve trying to move below the overbought region
• A doji on the daily candlestick chart
• MACD crossing the signal line from above

These 3 signals together suggest that the market might be ready for another correction. Whether this area becomes 'THE' top for a longer term remains to be seen.

Disclosure: No position in mentioned security.

SPDRs and Industry Indicies Rankings

Disclosure: No position in any of the mentioned securities.