Time Frame = 4H
Long or Short = Long
Entry Point = 130.05
Stop Loss: 129.60
Profit Target: 132.60 (TP1) & 133.40 (TP2)
Trade Explanation:
I considered the following assumptions while setting up this position.
Why to support this setup =
The EUR/JPY is in Ascending trend line, which co-incides with 130.00
Co-inides with 38.2 Fibo level.
Major psycholgical level , 130.00
It was the past Resistance area (129.98)
Recent economic growth in Euro zone.
After the win of Abe, now his Abenomic will pick up pace in upcoming weeks, hinting weaker JPY.
The RSI as well as Stochastic both are in oversold category.
Why Not to support this setup =
The USD/JPY seems to be losing ground too quickly, That indicates weaker JPY.
the USD/JPY has broken a Head and shoulder pattern which could imply further Buy Dip for JPY.
The bearish momentum in 4H chart is very strong.
Always keep in mind, Don’t invest more than what you can’t afford to lose.
Happy trading.
Just Passed away from 130.07, ooops!! Did i miss the move? Have to wait patiently. Currently the pair is still moving below the Resistance level of 130.80, Lets be patient Peeps!!! :22:
Do you suspect that the pair is to scale lower?
I think that it’s going bullish starting Sunday tomorrow when the markets open. .
I would appreciate yr opinion on this since it is my all time favorite trading pair…
obviously i made this setup expecting that the pair will go bullish. But at least i thought it will touch 130.05, but the low was 130.07 yerterday, just 2 pips away from my entry point. If the price signals any bullish reversal, i will surely go long with it. And really its my fav pair too.
Thank you so much for yr input
I will enter a long position Sunday night depending on the opening…
(I still hold a long position GBP/JPY and USD/JPY may the pips be with me starting Monday )
I totally agree on all yr points as they are mentioned in yr initial post and the pressure on the yen will be heavy after the announcements that will take place Sunday night before Asian market opens.
I think that will give the rhythm of the trade…
Yes, even i am expecting too. Already the JPY is in under too much pressure now, just a little spark is enough to set the pair on fire. Just waiting for that, Also the downside will be limited as the EUR is getting strong and the JPY seems to weaken. If everything goes well, i can make handy pips out of it.
[B]@ALL VISITORS TO THIS THREAD[/B], [I]I know no setup can be absolute perfect. If there is some faults with my setup, you can give me suggestions in this thread, i will be glad to see some contribution to discuss here.[/I] :47:
I totally agree with you all the way…
Let’s wait until tomorrow night and be online when announcements are made.
Fire is on the way…
(I will contribute surely all I know and suspect…concerning our favorite pair )
Worst thing in my part is that, i live in India, and when the market will start in the Sunday night, it will be around 4.30 AM in the morning, i would be sneezing while the market will be showing its FIRE!! :38:
But at least i will try to take action as fast as possible. I don’t wanna be too late to act to get into the action, i have good confidence with my work this time and hopeful that it wont go in vain, Though it still dint triggered my entry yet. :48:
I never sleep when I have open trades esp when announcements are to be made.
I am from Greece and missing a lot of sleep,since I got heavily involved in FX six months ago and new here in this site!
It’s becoming so much unpredictable these days, difficult to understand what’s really going on Abe’s mind. A positive start for the yen this week can rule the market whole this week. :46:
Really even it is in downward pressure, though it gets no room to go to the north. Holly grail, i was so positive about my setup, but lets see what happens, if EUR could save my day. The SL is readjusted to 129.50 just below the previous resistance which is 129.60. :45:
You can see in the chart, My SL was at 129.50 and the price just passed whiskered away from 129.59, LOL. Somehow my setup survived and still breathing.
Your setup,is working fine although I feel it is beginning to look as unpredictable as the EUR/JPY which was a daily ride a while ago.
Are you going long now again? At which entry price?
I have now +30 Pips floating profit, at this moment i am not sure about any entry points unless the pair breaks through the resistance 130.80, Meanwhile after about 2 hours, EURO - CPI is coming the way, and i will wait till then, if the resistance 130.80 is breached, then i will go long again with this pair. Meanwhile adjusted my SL to 129.80.
And also the 5SMA and 10SMA has intersected and the price is above that points, which is indicating that the bearish moment is losing its weight. Lets see how things will go.
