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Looks like 160.65 almost held resistance, up to 160.72 and watching for the retracements down to 160.40 and 160.30 level for entry Long.

Will take two entries and go for the top resistance for exit.

Cheers.

Entry One: 160.45 LONG (EXIT +11 PIPS 2 minutes) Easy pickins on EJ
Entry Two: waiting

The EJ setup was a typical setup of a +70 pip movement, with some consolidation on it's way to set a new resistance.

I marked the 166.40 (38.2) retrace level for an entry Long to catch the move that would strike for the top which just happend at 10:10 pm EST.

Price will stall at the top and consolidate once again with the bulls out of action and bears sitting by watching for selloff here.

I took only two trades in all this move with a third that did not trigger, next move is a trade on a top breakout, or a rejection then signal short which is not ready just yet.

160.72 top and holding. 2 trades with +11 pips each time.

"S" we going to be seeing some big move down the next few hours or so???

Ken

Ride em' Cowboy~

monarch,

so if the EJ retraces back to the 160.65 area, do you go long once price breaks it or when a 5 min candle closes above 160.65?

also what indicators do you use for your system?

thanks
ryan

I don't think were going to see upwards breakout, expecting a move down actually to 160.27 for now.

Indicators, only ema/lwma and a fibo now and then, but not necessary.

Only looking at candle formation and movement calculations with supp/res.

Downward she comes to break last low of 160.41 to set the lower support level at 160.29 area.


Supp now at 160.41 area. All short term concept here.

another Call from my Cowboy Master
thanks

did you hurt your b*tt as well

Shorting EJ again TP 100 pip. sl 161.48
Also shorting GJ TP 250 pip SL 204.50

Are you a contrarian style trader Bro.

I have many times traded tops of peaks and the dips of valley's, I was wondering if you are seeing patterns in your strategy that calls for a trade at the end of a big move.

Yesterday EJ moves up +70 pips in 10 minutes, your calling short, can you post a pic of what you were seeing?

Thanks,

Ken

It is 10:50 AM Tuesday and price has made some efforts towards the top of the range of yesterday.

Price is 43 pips from the top of the big move yesterday and I expect it to drop to 161.10 area to find support before making it's first real stab at the top line of 161.71.

Lets see if it retraces 15 or more pips here before heading upwards.

This is only an analysis, not taking trades in this range areas.

Ken

Something was wrong with my chart sight. thats why the shorts..... ..

I always turn the monitor upside down when I see chart wrong.

today signal.

Sell Stop 201.38 SL 202.27 TP 200.27 Peak & Valley Trades

Buy Stop 202.06 TP 203.35 SL 201.26

Here is the chart.

what I expect and why.

It's easier to move your head upside down!!!

ranging market....... trading anti peak & valley would have bank good pips

looking back at all the trades taken this week, All losing trades woud have been profitable with adequate SL .. seems SL were too tight for GBP JPY retracement on its way to its direction......

Advance SL to learn......

Shorting GJ and EJ.......... 199.30 159.55
Target 130 pip and 70 pip...

Nice, will be watching you make those killer pips bro.