I am actually waiting to short AUDJPY. Here is my analysis …
Monthly Chart: A very, very strong descending TL. I expect prices to bounce down from this.
Daily Chart: A major Supply Zone. I expect prices to consolidate in this area for a couple weeks, or prices can even get rejected right away.
If it were me I’ll target the top of the Supply Zone to exit my long/s. It still depends though, if I were to see signs of rejection and not consolidation, I’ll exit right away.
Is your profit 28.60 in PIPS or $$$ ?
and i almost got my first tp of 20 pips on eurusd too missed by a pip or two. both gave 50% and i took it nothing special.
Profit always depends on your lot size. If profit mentioned by you is in dollars and your profit is $28.60, then I believe that your lot size is 0.05.
Hello Bijoymj,
Saw your post regarding the next trades you are looking at. Had a look at the gbpaud. It closed this friday with a bearish pinbar. Looks likely it will move down on monday. But you are looking to short at 1.5480 which is about 100 plus pips above fridy close.
Could yu please post your reasoning behind the trade mate.
I am trying to learn your technique and would appreciate it.
Thanks
DD
Have you heard about Currency Correlation? If you want to learn more, see this wonderful tutorial on this subject - Link.
If you still don’t believe me after reading that, see image below. Do you notice that when EURUSD rises, EURGBP also rises? The same is true when EURUSD falls, EURGBP also falls.
EURUSD - Green Candles
EURGBP - Magenta/White Candles
Hello JunFlores,
That is very interesting. How did yu get both the pairs on one chart? It would help to see the correlation between different pairs
thank
DD
I use this … Overlay Chart indicator in MT4. You can even use it to reverse your charts … just set SubSymbol to the same pair and set mirroring to true.
Hai JunFlores
This is a great input. It will definitely help. Thanks
with all due respect, buddy, correlations doesnt apply on 15min scale. Besides, my setups don’t offer a bias, its obvious that eurusd is ranging, how can you talk about up or down here. EURGBP faced a strong resistance, and i shorted it, i did not speculate about a major down trend now did i. My target was realistic and it got hit. with eurusd it missed my target by 3 pips, i wasnt around so i couldnt close the trade in time, and it reversed. Plan the trade, and trade the plan. fck correlations. Besides, i’d rather short one and long the other, rather being over leveraged in one direction (ie shorting euro only). But like i said, fck correlations. But ill try and ‘learn’ more about correlations from now on. cheers.
I agree. Correlations changes from time to time. but you just have to look at the E/A chart if you want to use this correlation.
Hi Bijoymj!
I like your analysys, but how can it be that we see it differently? It’s an E/A daily.
as I see you will play a range here, aren’t you?
#EURAUD bounced off the daily 50%, so ill treat every selloff as a retracement of the new established uptrend. buy the dip mode.
#EURCAD H4:
yeah man, I like your colours!!! 
what’s your light-grey MA?
thanks. so do i 
white ma is 50sma for the current tf (in this case D1 and H4)
magenta one is 300sma on H4 (equivalent to daily 50sma) and 250sma on D1 (equivalent to weekly 50sma).
thanks kwonkicker for the ma-s.
And I need to ask the group, what do you think about [B]Cad/Jen? [/B] It’s a tough one for me.
Thanks. Can I know what trades are you having at the moment?
xxxJPY pairs got rejected at last weeks high. thats a reversal. just saying. and selling.
