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

  • #301
  • May 1, 2009 4:47am May 1, 2009 4:47am
ECB expected to cut interest rates by 1/4% next Thursday.

Market should start priceing it in soon.

I am looking to add shorts with every red candle on 3 hr chart with stops at 138. Targeting low at 124.

Anyone with me on this? (or do i sound nuts!)
bull in a china shop
  • #302
  • May 1, 2009 4:57am May 1, 2009 4:57am
Quoting plasmapants
ECB expected to cut interest rates by 1/4% next Thursday.

Market should start priceing it in soon.

I am looking to add shorts with every red candle on 3 hr chart with stops at 138. Targeting low at 124.

Anyone with me on this? (or do i sound nuts!)
I'm waiting for
1) A break of the LTL
2) 4hr bearish PA showing LTL really broken

Then on any pullback I will look for resis and start building shorts on those.

I'm happy not to get the top or near top.

JC
  • #303
  • May 1, 2009 5:05am May 1, 2009 5:05am
  •  Yuppie
  • Joined Jun 2007 | Status: ̿ ̿ ̿̿'̿̿\̵͇̿̿\=(•̪●)=/̵͇̿̿/'̿̿ ̿ | 2,727 Posts
Quoting plasmapants
ECB expected to cut interest rates by 1/4% next Thursday.

Market should start priceing it in soon.

I am looking to add shorts with every red candle on 3 hr chart with stops at 138. Targeting low at 124.

Anyone with me on this? (or do i sound nuts!)

I don't really pay attention to news or such - so far in my trading at least.

How well has this strategy worked for you in the past, plasmapants?


Magnus
  • #304
  • May 1, 2009 6:29am May 1, 2009 6:29am
  •  Yuppie
  • Joined Jun 2007 | Status: ̿ ̿ ̿̿'̿̿\̵͇̿̿\=(•̪●)=/̵͇̿̿/'̿̿ ̿ | 2,727 Posts
Could this be a last farewell at .90 area before dropping into the weekend?... again, just shouting out my thoughts - a short would be way to counter-trend for me.


Magnus
Attached Image (click to enlarge)
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  • #305
  • May 1, 2009 7:23am May 1, 2009 7:23am
Now do we see a lower LTL forming on the 1hr or
a turn and run as this pair loves to do or
a retest of high?

JC
  • #306
  • May 1, 2009 7:30am May 1, 2009 7:30am
A lower close will put a nice pin on the daily.

JC
  • #307
  • May 1, 2009 7:32am May 1, 2009 7:32am
Quoting Yuppie
Could this be a last farewell at .90 area before dropping into the weekend?... again, just shouting out my thoughts - a short would be way to counter-trend for me.


Magnus
What do you like to see to confirm a change in trend?

JC
  • #308
  • May 1, 2009 7:32am May 1, 2009 7:32am
Quoting Waka
A lower close will put a nice pin on the daily.

JC

I *think* it has to drop another 100 pips for a nice pin. Also I do see a break in LTL on 1H chart, any body else see this or I have my TL's wrong?
  • #309
  • May 1, 2009 7:36am May 1, 2009 7:36am
Quoting karun
I *think* it has to drop another 100 pips for a nice pin. Also I do see a break in LTL on 1H chart, any body else see this or I have my TL's wrong?
Yup.
  • #310
  • May 1, 2009 8:08am May 1, 2009 8:08am
  •  Yuppie
  • Joined Jun 2007 | Status: ̿ ̿ ̿̿'̿̿\̵͇̿̿\=(•̪●)=/̵͇̿̿/'̿̿ ̿ | 2,727 Posts
Quoting Waka
What do you like to see to confirm a change in trend?

JC

Going from downtrend to uptrend I like to see higher-lows being made above the lower-highs that were formed during the downtrend.

Vice-versa for uptrend to downtrend.

See chart.


Magnus
Attached Image (click to enlarge)
Click to Enlarge Name: 2009-05-01_eurjpy_11.gif Size: 30 KB
  • #311
  • May 1, 2009 8:33am May 1, 2009 8:33am
  •  Yuppie
  • Joined Jun 2007 | Status: ̿ ̿ ̿̿'̿̿\̵͇̿̿\=(•̪●)=/̵͇̿̿/'̿̿ ̿ | 2,727 Posts
Richard Morrish says...
Attached Image (click to enlarge)
Click to Enlarge Name: 2009-05-01_eurjpy_13.gif Size: 38 KB
Attached Image
  • #312
  • May 1, 2009 9:04am May 1, 2009 9:04am
  •  Yuppie
  • Joined Jun 2007 | Status: ̿ ̿ ̿̿'̿̿\̵͇̿̿\=(•̪●)=/̵͇̿̿/'̿̿ ̿ | 2,727 Posts
Quoting Yuppie
Richard Morrish says...

Interesting trade recommendation from RM. Would be working out very well. Excellent R:R.

I'll point out here that I do not have any affiliation with Richard Morrish in any way or form.

I find his reports provide a different perspective. I think while this thread is developing it's good to have that.


Have a good weekend all...

Magnus
  • #313
  • May 1, 2009 9:11am May 1, 2009 9:11am
I for one, really appreciate the Richard Moorish analysis, in fact, I appreciate the multitude of different views, the charts, the #'s and plain old opinions everybody on the thread has contributed.

Hey everybody,

Thanks!

PS, could someone clarify "LTL"?
  • #314
  • May 1, 2009 9:19am May 1, 2009 9:19am
  •  Yuppie
  • Joined Jun 2007 | Status: ̿ ̿ ̿̿'̿̿\̵͇̿̿\=(•̪●)=/̵͇̿̿/'̿̿ ̿ | 2,727 Posts
Quoting Low
I for one, really appreciate the Richard Moorish analysis, in fact, I appreciate the multitude of different views, the charts, the #'s and plain old opinions everybody on the thread has contributed.

Hey everybody,

Thanks!

PS, could someone clarify "LTL"?

I'm assuming Lower-Trend-Line... ?

Yeah, hopefully this thread will continue.

I've not posted any trades - took just two this week.

Not sure if posting trades will help or hinder the thread.

I think they would help if the setup was posted prior to the trade being taken. This would give a good idea of the thoughts/strategy/etc of the poster. And followed up with post-trade analysis, etc.

I'm sure this thread will grow and evolve in the most beneficial way possible.


Magnus
  • #315
  • May 1, 2009 9:47am May 1, 2009 9:47am
I'm looking for a retracement early next week and if fibs are honored then a continuation to the upside. ECB news later next week should determine if the rise is to continue.

Nice work on the thread Yuppie - good stuff
Attached Image (click to enlarge)
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  • #316
  • May 1, 2009 9:47am May 1, 2009 9:47am
Quoting karun
Right now I have a short on EJ @ 130.90, if this trades goes in my favor, then I'll keep adding positions based on it upwards movement in the 30M chart. In this case the possible places are(based on 30M chart) 129.8x, 128.8x, 128.4x, 127.7x, 127.3x,126.5x,126...

Another possible place to the above list is 130.3x area, which I have left intentionally, one wild candle can test that easily.

Hope this makes some sense...

Hey Karun,

Love your input, but would be kind enough to post some charts too?
I get a better understanding of other peoples view, when I can see it.

Thx,

Low
  • #317
  • May 1, 2009 10:02am May 1, 2009 10:02am
Since this thread is growing so well, I felt I should specify that I am still a newbie, and still on demo (training wheels), just in case anybody is foolish enough to give any of my observations/opinions more credit than they are due.

I am, however, really enjoying the opportunity to discuss the EJ, as the rest of the FX world seems so enamored with the majors.

To Magnus,

Should we discuss trades? That I do not know. It seems they are many different styles of traders checking out this thread, and I believe all of their opinions are worthwhile, as long as they are constructive in nature.
  • #318
  • May 1, 2009 10:11am May 1, 2009 10:11am
  •  Yuppie
  • Joined Jun 2007 | Status: ̿ ̿ ̿̿'̿̿\̵͇̿̿\=(•̪●)=/̵͇̿̿/'̿̿ ̿ | 2,727 Posts
Quoting Low
Since this thread is growing so well, I felt I should specify that I am still a newbie, and still on demo (training wheels), just in case anybody is foolish enough to give any of my observations/opinions more credit than they are due.

I am, however, really enjoying the opportunity to discuss the EJ, as the rest of the FX world seems so enamored with the majors.

To Magnus,

Should we discuss trades? That I do not know. It seems they are many different styles of traders checking out this thread, and I believe all of their opinions are worthwhile,...

Yes, same here, don't listen to me either. I'm not a full-time trader. Well, I am doing this full-time, but success has only started to materialise recently... no track-record as it were...

Low, I concur, there are some nutters on here setting SL to BE when 5 pips in the green - lucky I was sitting down when I read that! But, if it works for them, more power!


Magnus
  • #319
  • May 1, 2009 10:19am May 1, 2009 10:19am
  •  Yuppie
  • Joined Jun 2007 | Status: ̿ ̿ ̿̿'̿̿\̵͇̿̿\=(•̪●)=/̵͇̿̿/'̿̿ ̿ | 2,727 Posts
Quoting noblehobo
I'm looking for a retracement early next week and if fibs are honored then a continuation to the upside. ECB news later next week should determine if the rise is to continue.

Nice work on the thread Yuppie - good stuff

Welcome noblehobo (not nobleNobo then? ),

I'll do my longer-term analysis over the weekend - once the bars close. See if I have findings similar to yours.

Thank you, but I merely kickstarted the thread. It's only been going a week, but we've had some great perspectives so far. May it continue...

Also, do you do as your profile states - scalping?


Magnus
  • #320
  • May 1, 2009 10:42am May 1, 2009 10:42am
I am taking a short position at 131.98, will keep it over the weekend and look for how it opens on Sunday. If this pair opens lower will ride it else will close
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