Aud/jpy

zekelogan · July 28, 2009, 12:10pm

Good call.

Provided this is merely a correction, I would think your idea to be completely viable for re-entry.

Nothing wrong with the market allowing the opportunity again!

Jason_Rogers · July 28, 2009, 5:09pm

I was afraid earlier today that the daily candle would develop into what it did. Large doji at the top of the uptrend nearing resistance. :eek:

Jason_Rogers · July 29, 2009, 10:38am

Looking back, yesterday was probably a good trade setup for anyone trading on candlestick patterns, but then again hind sight is 20/20.

Talking out loud here, is this pattern signalling a downturn in equities also. Remember it was around this time the past two years that volatility started to pick up, and equities started to turn down. Maybe the JPY crosses are acting as a leading indicator.

That sort of action could cause AUD/JPY to go down regardless of what the RBA is deciding, and a sell off could be much more severe in the short term. The EUR/JPY gives a better picture of this in my opinion since it has failed to make higher highs in each of the past 3 rallies since May. AUD/JPY has held up better due to the better fundamentals in Australia but even it may succumb.

zekelogan · July 29, 2009, 10:45am

Technically, if the GBPJPY doesn’t run back up & break 163 for a new high on the daily charts, I’d say it was rolling over as well.

DRA · July 29, 2009, 10:51am

Yesterdays daily candle didnt say much, I was anticipating an engulfing bearish candle. However I see where a retracement is possible to test the counter broken down trend line, then I will look to BUY on a reversal candle formation at the 61.8. See chart attached.

Jason_Rogers · July 29, 2009, 11:55am

If/When the retrace happens on AUD/JPY, I’ll probably look to go long again. For now, I liked the GBP/JPY so much I decided to short @ 155.84. Thanks for pointing that one out zekelogan. We will see…

zekelogan · July 29, 2009, 2:07pm

No prob. I’m with ya

zekelogan · July 29, 2009, 9:06pm

My short term a$$ got booted

Hope all’s well!

zekelogan · July 29, 2009, 9:54pm

long AUDJPY

@ market.

stop 76.30

target 80.30

Jason_Rogers · July 30, 2009, 9:30am

lol, same here. It was working well short term, but then stopped out. AUD/JPY looks to be working out well for you.

zekelogan · July 30, 2009, 10:05am

that it is.
moving stop to 77.70

zekelogan · July 30, 2009, 1:30pm

moving stop to 77.95

Jason_Rogers · July 30, 2009, 1:32pm

It had some nice momentum earlier today. Looks like it is slowing down.

zekelogan · July 30, 2009, 1:38pm

I agree, if it can’t crack 79.30, I think the target is lost.

I’m keeping the target though, we all know stranger things have (and usually will in FxLand) happen

Jason_Rogers · July 31, 2009, 10:48am

Impressed with the AUD/JPY strength. I was faked out :eek:

zekelogan · July 31, 2009, 12:28pm

I’m getting used to seeing a fairly decent trendline, news release taking a sharp wedge out of it, then price continuing on it’s original merry way.

I’m hoping this is what happens.

If not, probably exit at the end of the day.

Jason_Rogers · July 31, 2009, 1:37pm

Certainly a very nice pattern you’ve picked up on.

I’ve been waiting for equities to get hit with a large retracement (hence hesitation to get back into AUD/JPY) and am continually surprised by it strength in July. At least my 401k is doing well .

Next week should be exciting with ISM and NFP. Estimates call for -340k NFP.

zekelogan · August 3, 2009, 11:18am

80.24 target hit

Jason_Rogers · August 3, 2009, 11:48am

Very nice. I’m still very much confused about AUD/JPY at this point. Waiting for tomrorow’s RBA rate decision. Only thing working for me right now is USD/CAD.

zekelogan · August 3, 2009, 12:44pm

A long entry would look good after a bounce off support to confirm the continued upward bias.

If it breaks down, sit on hands.

That’s my take!