Hey guys - in this EUR/JPY trade at the moment and just wanted to get your thoughts - I got in around the 13186 level when MA’s and MACD’s crossed and RSI pushed above 150 - price has since increased to 13483 and then pulled back to 13186 - now looks like a pullback may be forming:
4 hourly showing potential bullish momentum:
There’s some decent announcements coming out Thursday and Friday including core CPI which could give direction but long term hoping for the announcement of the tailoring back of stimulus package.
Anyone trading this? Which direction and what are your thoughts?
I would have stayed out, things are shifting. I would recommend seeing if you can get out at break even
The Ever Cautious VIPER
Hi, i have two buy order on it (132.630 & 132.352). i think it’s go long cause trendline is long and with drawing ab=cd pattern on last wave (1D), actually my target is 136.495 (i use indicators too)
Before you make up your mind what to do, take a look at the other EUR pairs. What are they doing?
I think you do have your stop loss in the right place. If it does reverse and hit your stop, you will still have a good opportunity to go short with a measured move all the way to the bottom of the channel. Caching! Any loss you take now, could be easily made up with a strong reversal.
This situation here is the reason trading can be very difficult at times, but I am confident you will be able to manage it well. Best of luck to you on the charts.
I figure you do have your stop loss in the perfect place. In the event that it does switch and hit your stop, you will at present have a decent chance to run short with a deliberate move the distance to the base of the channel. Storing! Any loss you take now, could be effortlessly made up with a solid inversion.
Thank you for the responses guys! Still in EUR/JPY at the moment - it has stalled around the 13260 area but I am happy to stay in as seems to be resistance around my entry price which also served as previous area of resistance:
I am happy with my stop at the moment - thanks for that guys - going to be a case of wait and see with this one I feel.
fxperfect did you get in?
steveeperson - Thank you for the advice - looking at other Euro pairs there still appears to be bullish pressure behind the Euro as well as net long positions according to the COT report - what are your thoughts surrounding this?
Mr Jonathan Makins - thank you for your thoughts - good advice.
What positions have you guys got open at the moment?
Flat going into tomorrow, making bank with long and short, 6 times on the Fibre.
The Ever Quick Striking VIPER
good points tradeviper - seen a very dubious triangle forming on pair and looks like it might be ready to push out - is this correct or am i seeing things that I want to see!!?
Thinking about moving my stop up to 13052 level (as shown by green line) as this is previous area of spike down - thinking that if I move my stop to break even - highly likely to get stopped out with any volatility plus it won’t truly show if price has broken the ascending trend support line.
I feel that the 13052 level is a minor area of support and resistance plus will decrease my risk whilst giving me enough breathing room to suck up any volatility.
Any thoughts on this one?
Hey M, have you calculated the average per bar range since 9/25/17? I think if you are trading four hour now, you will lose money
The Ever Concerned VIPER
hey viper - I have not - how would I go about calculating this?
I really don’t think that it is the best idea to go bullish eurjpy right now. According to my wave analysis, eurjpy has reached its maximum price at 134.40 and from there on it should go only lower. I am myself short eurjpy with targets around 123.00.
