looks like a good round top with good profit targets if it closes below 89sma
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Disliked7:05 GMT
I see a head and shoulder on my chart? and it's just coming down on the head. I'm only going in if it closes below the 89 EMA... so I'm looking to get in as the EUR/YEn has cooled off too, after a very large rise.Ignored
DislikedPhilip do you mean the USD/JPY? I am confused why you are bullish since it formed a round top. Could you explain please?Ignored
DislikedPhillip ,
Do you expect a strong break out of one side of the trend lines or the other ?
SunseekerIgnored
DislikedISn't that a negative thing? I thought your system was based on shorting pairs that form round macd tops. However you think it will go up to 121.80, an 80 PIP rise from current levels. Was that a typo?
EDIT: Lol I knew it!! thanks PHilip.
I jumped on this one, sell @ 121.04- stop at 121.53 (I put 50 pip stops on all my orders)Ignored
DislikedI backstudied a number of MACD signals from May 06 to Nov 06, and I noticed that the first 2 candles after the signal normally are if not high reward but usually low risk. That is, the average drawdown in pips runs around 20, and rarely goes above 40. Therefore I concluded it would be safe to place 50-60 stoploss there, which will protect you in case of some unusual activity but will not take you out with those stoploss chasing tails.
BTW I am in USDJPY and will try to follow Phillips recommendations on proper trading of it.Ignored
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If it is the horizontal lines I will change them to 0.6 0.4 0.2 0.0 -0.2 -0.4 -0.6 Hope it works. Only for the GbpJpy change the hor lines to these settings.Ignored
DislikedI went short on EUR/YEN. Anyone else thinking about trading this pair?Ignored