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EUR/JPY possible short EUR/JPY possible short
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  #1 (permalink)  
Old 03-28-2008, 12:34 PM
Newbie
  

Join Date: Jan 2008
Location: U.K.
Posts: 11
Smile EUR/JPY possible short
Looking at the one hour chart of EUR/JPY I notice quite strong resistance at around 159.10 (the 76.4 Fib level). Below is the SELL order I've placed:

Sell: 159.00
Stop: 159.90
Limit: 157.80

My risk/reward is positive: risking 90 pips to gain 120. My software is Meta Trader. Market is currently @ 157.00. Let me know what you think. I'd value your feedback...

Peace,
Comfy.
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  #2 (permalink)  
Old 03-28-2008, 01:12 PM
 

Join Date: Feb 2008
Posts: 3
Default looks good, but...
Like your reasoning. However, I don't think it will go up to 159.00 before the weekend hits.
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  #3 (permalink)  
Old 04-01-2008, 04:33 PM
egonline's Avatar  

Join Date: Mar 2008
Posts: 7
Default
Thanks for the heads up! I was not watching this pair! Sold near resistance @ 159.16 with a tight stop, and I sold half my size @ 158.98. Going to sell the rest in the congestion area around 158.90 here in a minute or so.

Much appreciated!

- egonline
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  #4 (permalink)  
Old 04-02-2008, 10:51 AM
Newbie
  

Join Date: Jan 2008
Location: U.K.
Posts: 11
Thumbs up Update
Trade was triggered and went 50 pips in our favour before reversing. I only banked 33 pips on this trade

Glad to hear you made a nice profit.

Peace,
Comfy.
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