My apologies for the late report - we just got back from the US Open. First, congratulations to Geoff Ogilvy and our Australian clients. I can tell you firsthand it was a hard-fought battle, and a heartbreaker for Phil Mickelson, but something occurred to me today about the similarities of professional golf and trading. These guys spend countless hours and dollars in preparation for what amounts to probably five whole minutes of actually pulling the trigger, or swinging the club during a 4-day tournament.  All that preparation for 5 minutes of peak performance during a 96 hour tournament. How is that similar to trading? Our preparation before pulling the trigger on a trade is really no different. We watch days and days of market data that is shaped into a trade plan that can last as little as 5 minutes. All the work goes into a trade plan so if, and when, that trade opportunity presents itself, we pull the trigger without thought or hesitation. Same goes for the golf pros. They spend countless hours of preparation so they don't have to think about that 200-yard approach shot out of the rough on Sunday; they just do it.

Our work on USD/JPY at 115.50-116.00 was done last week and our orders to get short USD/JPY were triggered on the Asian open. A quick review of the technicals. Measured move AB=CD places resistance right at the former March support lows of 115.50

The actual execution of this trade has changed just a bit. We were triggered short at the 1.272 extension at 115.72 and are looking to sell another lot or two just below the 116.00 level at the 1.618 Fib extensions with stops above 116.15. Initial target will be the breakout point of 115.40 on a partial position to then trail stops lower to take risk off the table.

Todd Gordon is a Technical Currency Strategist and Fund Trader with GAIN Capital Group.

Disclaimer
The information and opinions in this report are for general information use only and are not intended as an offer or solicitation with respect to the purchase or sale of any currency. All opinions and information contained in this report are subject to change without notice. This report has been prepared without regard to the specific investment objectives, financial situation and needs of any particular recipient. While the information contained herein was obtained from sources believed to be reliable, author does not guarantee its accuracy or completeness, nor does author assume any liability for any direct, indirect or consequential loss that may result from the reliance by any person upon any such information or opinions.