EUR-JPY -Anyone else see a short setting up?

4xStar · #1 (**permalink**) 04-23-2008, 12:19 PM

Last 3 days, cannot get past 165, euro is not showing strength today against the dollar which seems stronger. All 3 jpy pairs going up at the moment but not convincingly. Anyone have input on what the fundies are saying?
It looks like a relatively low risk short, as a close above 165 on the hourly is less than 40 pips away, downside target could be much more than that.

Any comments?

cadarkitek · #2 (**permalink**) 04-23-2008, 12:23 PM

I think its setting up to break 165.00 as we speak.

4xStar · #3 (**permalink**) 04-23-2008, 12:34 PM

Why?
Fundamental reason, or something on the chart that I am not seeing??

More input please

cadarkitek · #4 (**permalink**) 04-23-2008, 01:33 PM

Quote:

Originally Posted by 4xStar

Why?
Fundamental reason, or something on the chart that I am not seeing??

More input please

Its moving choppy at the moment, but price bounce of an uptrend line on my 1hr chart move up about 66pips(164.72), looking for it to move another 60pips up to complete an "A,B,C,D".

4xStar · #5 (**permalink**) 04-23-2008, 01:52 PM

OK, thanks for that .. I am still learning

4xStar · #6 (**permalink**) 04-24-2008, 09:00 AM

I shorted at 164.84 and exited at 163.96, good enough

Would have loved to have held overnight, but .. I don't trust myself enough yet to hold through news... oh well, I think the euro is shortable on any good bounce for awhile.

cadarkitek · #7 (**permalink**) 04-24-2008, 09:26 AM

Quote:

Originally Posted by 4xStar

I shorted at 164.84 and exited at 163.96, good enough

Would have loved to have held overnight, but .. I don't trust myself enough yet to hold through news... oh well, I think the euro is shortable on any good bounce for awhile.

Congrats. I'm still anticipating a "real" bullish move above 165.00.
I have a short position open +50pips, Its creating a nice little downtrend, hopefully it stays down.

cadarkitek · #8 (**permalink**) 04-28-2008, 10:27 AM

Short Entry @ 163.65(close of IB). Multiple signals, this was a perfect trade. Risk was only 20pips. TP-1 hit. The TL break but it was a "bull trap". See pic below.