I also trade euro/jpy. I trade breakouts on 5 min charts.
I was able to catch the downward move at midnight NY time for +40 pips.
The pair is still trending down as I am writing this post. There were many opportunities to enter on pullbacks in last couple of hours.
Ignored
Nice going Ishak - wish I had enough patience to bag more pips on the way down. Keep up the good work.
Joined Jan 2007
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Status: developing...
|974 Posts
Added 2 more positions - avg price is now 157.369. It's either going to be a very short ride due to the topheaviness of my position or a nice one if U/J breaks up. E/J looks primed for a rocket ride.
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Joined Oct 2006
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Status: ride the wave
|71 Posts
FXEZ,
Hope u didn't go long at 4:30am, It turned out to be 50% fib retracement.
After the pair broke downward for about 140 pips in late Asian session (11:30pm NY to 2:30 am NY), Euro/Jpy retraced.
Then at 4:40am resumed the downtrend.
Joined Jan 2007
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Status: developing...
|974 Posts
Ishak - Yeah not my finest hour.
I'm seeing some historical tendencies surrounding the ECB interest rate statement and the Thursday before NFP that indicate down but the trigger fall time is the US open 9:30 AM, so do the smart thing and position on the peaks and not chase siren down drafts that quickly recover. Patience is a virtue for this trade. First target is intraday session's low - 156.727 but my target is 156.1 based on my parity calculation of the U/J downmove. Sometimes it blows through it and continues and other times it just takes it out then rallies hard 15 mins later so keep seat belt firmly in place at all times for this ride. After first target is breached my finger will be on the trigger for a manual exit if called for.
Set your alarm for 9:30 and make sure you're short before then!
