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If you love the EUR/JPY and you know it... clap your hands!

  • #241
  • Apr 30, 2009 6:14am Apr 30, 2009 6:14am
  •  Yuppie
  • Joined Jun 2007 | Status: ̿ ̿ ̿̿'̿̿\̵͇̿̿\=(•̪●)=/̵͇̿̿/'̿̿ ̿ | 2,727 Posts
130.00 is failing... should see 129.30...
Attached Image (click to enlarge)
Click to Enlarge Name: 2009-04-30_eurjpy_28.gif Size: 22 KB
  • #242
  • Edited 6:53am Apr 30, 2009 6:39am | Edited 6:53am
Quoting Yuppie
130.00 is failing... should see 129.30...
I have a short placed at 129.80, SL 130.25, lets see where she goes...

EDIT: 130 seems to be holding for now...
  • #243
  • Apr 30, 2009 7:16am Apr 30, 2009 7:16am
  •  Yuppie
  • Joined Jun 2007 | Status: ̿ ̿ ̿̿'̿̿\̵͇̿̿\=(•̪●)=/̵͇̿̿/'̿̿ ̿ | 2,727 Posts
Seems to be holding 130.00 just now... although, vague H&S on 1-min.

Also, note how price hit 50.0% Fib to the pip before retracing - truly astounding for a Fib drawn over a period of nearly month!!
Attached Image (click to enlarge)
Click to Enlarge Name: 2009-04-30_eurjpy_29.gif Size: 25 KB
  • #244
  • Apr 30, 2009 7:35am Apr 30, 2009 7:35am
  •  Yuppie
  • Joined Jun 2007 | Status: ̿ ̿ ̿̿'̿̿\̵͇̿̿\=(•̪●)=/̵͇̿̿/'̿̿ ̿ | 2,727 Posts
We're in a spikey 30 pip range... resting on the major up-trendline from the last 2 days... Price seems to be fighting to break below it... let's see...
Attached Image (click to enlarge)
Click to Enlarge Name: 2009-04-30_eurjpy_30.gif Size: 23 KB
  • #245
  • Apr 30, 2009 7:36am Apr 30, 2009 7:36am
  •  Yuppie
  • Joined Jun 2007 | Status: ̿ ̿ ̿̿'̿̿\̵͇̿̿\=(•̪●)=/̵͇̿̿/'̿̿ ̿ | 2,727 Posts
Quoting karun
I have a short placed at 129.80, SL 130.25, lets see where she goes...

EDIT: 130 seems to be holding for now...

You been kicked out of your trade Karun?


Magnus
  • #246
  • Apr 30, 2009 7:48am Apr 30, 2009 7:48am
  •  Yuppie
  • Joined Jun 2007 | Status: ̿ ̿ ̿̿'̿̿\̵͇̿̿\=(•̪●)=/̵͇̿̿/'̿̿ ̿ | 2,727 Posts
PnF
Attached Image (click to enlarge)
Click to Enlarge Name: 2009-04-30_eurjpy_31.gif Size: 12 KB
  • #247
  • Apr 30, 2009 7:54am Apr 30, 2009 7:54am
Quoting Yuppie
You been kicked out of your trade Karun?


Magnus
Not yet, It was pending order which got kicked in the spike move below. As I was looking at the charts I did not feel comfortable with 130.20 SL considering the way this thing has run up(my 40 pip SL would be gone in 1M wild move , learnt my lesson on that ) in the last few sessions and Bulls are not going to give up so easily. I moved my SL to just above the 4hr pin bar.

So my short is safe for now. I have seen once too many times that my SL gets taken out by couple of pips and only to go back to the orignal way. These days I keep watching the trade when it nears SL. If I dont feel comfortable after entering I close the trade even before it hits SL.

Also R/R looks convincing for that SL. if this starts to go south with some momentum then we know.....

My thoughts are, at this point it looks like consolidating around in the range of 130.20 - 129.90, Have to wait and see how it breaks out.
  • #248
  • Apr 30, 2009 7:59am Apr 30, 2009 7:59am
Quoting karun
Not yet, It was pending order which got kicked in the spike move below. As I was looking at the charts I did not feel comfortable with 130.20 SL considering the way this thing has run up(my 40 pip SL would be gone in 1M wild move , learnt my lesson on that ) in the last few sessions and Bulls are not going to give up so easily. I moved my SL to just above the 4hr pin bar.

So my short is safe for now. I have seen once too many times that my SL gets taken out by couple of pips and only to go back to the orignal way. These days I keep watching...
I also want to say that moving SL is not considered good practice, in this case I moved the SL because I felt it worth the risking of extra pips, time will tell if it is or not and I do not suggest this to all.
  • #249
  • Apr 30, 2009 8:31am Apr 30, 2009 8:31am
Have to lick my wounds I guess...
Another lesson learnt today is never ever place SL close to a round number...
  • #250
  • Apr 30, 2009 8:39am Apr 30, 2009 8:39am
Quoting Yuppie
..and the sell-off train has been met with support... let's see if it can drop down through...
LOL, went short and got stopped out at BE.

Live to trade another day.
  • #251
  • Apr 30, 2009 8:47am Apr 30, 2009 8:47am
Hey Yuppie,

A big thanks for starting this thread, I'm only trading EJ, and the "EJ trading room" has been dormant since 2007 (except for a post I added).

No systems, methods, or big fancy indicators.

Just charts, thoughts, and all the adoration Ms. EJ deserves.

Cheers
  • #252
  • Apr 30, 2009 8:53am Apr 30, 2009 8:53am
I dont think its good time to Short, may be take good Short positions tommorow.
  • #253
  • Apr 30, 2009 8:58am Apr 30, 2009 8:58am
Trend-lines and fibs.

http://i42.tinypic.com/21ex3ds.jpg
  • #254
  • Apr 30, 2009 9:33am Apr 30, 2009 9:33am
Afternoon all, nice to see the thread gaining support, something EJ seems to be getting a measure of today.

Later,

JC
  • #255
  • Apr 30, 2009 9:59am Apr 30, 2009 9:59am
  •  Yuppie
  • Joined Jun 2007 | Status: ̿ ̿ ̿̿'̿̿\̵͇̿̿\=(•̪●)=/̵͇̿̿/'̿̿ ̿ | 2,727 Posts
Quoting karun
Have to lick my wounds I guess...
Another lesson learnt today is never ever place SL close to a round number...

karun, I wouldn't really say that... I frequently hide my SL behind Pinbars, and do not pay attention to whether it is a round number or not.

Your trade could very well have worked out.

I have not been considering shorting at all these last 3 day (including today!).

See attached chart. 15-min. We make a couple of [small] lower-lows and lower-highs, but continue with stronger higher-lows and higher-highs. The 4h pin earlier was a great Pin (in terms of formation) and was against previous resistance and a 50.0% Fib - BUT, in my opinion, counter-trend.

I've been bitten too many times trying to pick tops and bottoms.


Magnus
Attached Image (click to enlarge)
Click to Enlarge Name: 2009-04-30_eurjpy_32.gif Size: 24 KB
  • #256
  • Apr 30, 2009 10:09am Apr 30, 2009 10:09am
  •  Yuppie
  • Joined Jun 2007 | Status: ̿ ̿ ̿̿'̿̿\̵͇̿̿\=(•̪●)=/̵͇̿̿/'̿̿ ̿ | 2,727 Posts
I concur! It's great to see interest in E/J increasing.

I was hoping my continuous, relentless and obnoxious posting of chart after chart would kickstart the thread. It has - great! I'll perhaps tone my posting down a bit to let the thread 'breath' and grow at a more organic and realistic pace (I'll try anyway).

Thank you to all contributors. This thread is totally open to anyone and everyone in any way and form. Treat it like your own...


Magnus
  • #257
  • Apr 30, 2009 10:10am Apr 30, 2009 10:10am
  •  Yuppie
  • Joined Jun 2007 | Status: ̿ ̿ ̿̿'̿̿\̵͇̿̿\=(•̪●)=/̵͇̿̿/'̿̿ ̿ | 2,727 Posts
Quoting pash78
I dont think its good time to Short, may be take good Short positions tommorow.

I agree.
  • #258
  • Apr 30, 2009 10:17am Apr 30, 2009 10:17am
  •  Yuppie
  • Joined Jun 2007 | Status: ̿ ̿ ̿̿'̿̿\̵͇̿̿\=(•̪●)=/̵͇̿̿/'̿̿ ̿ | 2,727 Posts
Well, I truly believe it was the [major] trendline that supported E/J there (see candle chart).

The PnF chart shows another trendline which can't really be seen from a candle chart (which I'm skeptical of as the reasoning behind TLs is that others see them).


Magnus
Attached Image(s) (click to enlarge)
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Click to Enlarge Name: 2009-04-30_eurjpy_34.gif Size: 13 KB
  • #259
  • Apr 30, 2009 10:20am Apr 30, 2009 10:20am
  •  Yuppie
  • Joined Jun 2007 | Status: ̿ ̿ ̿̿'̿̿\̵͇̿̿\=(•̪●)=/̵͇̿̿/'̿̿ ̿ | 2,727 Posts
Quoting Low
LOL, went short and got stopped out at BE.

Live to trade another day.

Exactly!

And, for me, any day where I don't lose money is a good day.

Winning is just a bonus!


Magnus
  • #260
  • Apr 30, 2009 10:23am Apr 30, 2009 10:23am
  •  Yuppie
  • Joined Jun 2007 | Status: ̿ ̿ ̿̿'̿̿\̵͇̿̿\=(•̪●)=/̵͇̿̿/'̿̿ ̿ | 2,727 Posts
Quoting Low
Trend-lines and fibs.

Yeah, I'm edging more towards bullish from a daily perspective.

Previous resistance turned support and an upwards break of a down-trendline.


Magnus
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