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

just went down to 129.05...wish i took long..could have put sl at BE by now and hope the news will fire this baby up.. hohoho..
but i think it will break 129.00 any time soon

What's your general strategy on when to enter/manage/exit?


Magnus

i think im still not eligible to talk on strategy..im still new and still testing on it. but so far not so bad i guess..
i trade on 1m..so i move to BE quickly and just take what i get. even 5 pips shud be fine. But look for S/R on bigger tf really helps.

Okay. Thanks. Fair enough.


magnus

Here is a guideline I personally follow:

If I'm going to call a trade I'm taking or just stating what I am looking out for - I give my reasoning.

Anything else I see as a frivolous comment that really doesn't bring much benefit to the thread.


Magnus

Im now targeting 126 ish, next line of support. I will be watching the up coming trendline, but put more emphasis on the horizontal support.

Yeah, I'd pretty much agree with that.

Although, if it's getting near 126.00 it's gonna have to break the TL - which would be significant.

That consolidation area is the main concern.


Magnus

Carlos

Maybe not......

Just wanted to share some thoughts, any input would be welcome.

First, for the last 10 or so weeks, EJ has trended really strong during the Asian session. So much so, that out of convenience, it has been the only time of day I've been trading. As of this week however, the Asian session has trended mildly, or consolidated, and my attempts to trade it were costly.

http://i41.tinypic.com/23r4sj5.png

During more recent downturns, EJ trended so heavily, once I turned from bullish to bearish, it was like money falling from the sky (remember, asian session only)

http://i39.tinypic.com/2uf4w86.png

So all week long, I have been asking myself "what has changed?"

Just because we're downtrending, why is asia so hesitant?

Now, I've also been expecting a big leg down on the DOW for a while, and these two are somewhat sympathetic, but THE WHEN is generally not something I would try to predict (at least not with any confidence).

But now we have almost an entire week in the red. EJ failed to break the resistance at the 135.XX area, and asia has become indicisive, which I think is out of character regardless of which direction the market is going.

And the icing on my weekly cake:

http://i41.tinypic.com/1rdcvk.png

As of now I am bearish until proven wrong (nothing new there )

Because I believe the Asia's unwillingness to pick a side until it's forced to later in the session, is signaling a position re-orientation on the part of the large institutional traders, which will be matched by the fizzling of the DOW's latest bear market rally, and this is the beginning of the next big leg down.

Considering how much fake money I've lost this week, don't give my analysis too much weight, but if anyone agrees or disagrees, I would love to hear your take on it.

PS: Putting my money where my mouth is, we'll find out if this was genius or stupidity Sunday.

http://i42.tinypic.com/dbhb2e.png

happy trading

I think is an awesome analisis, and the best part is that you are lock in profits, I also left a small position open over the weekend to try my luck (luck in profit 3pips) it may go as high as the 23.6% fibo but then is going down, me think, and if the yellow line touch the blue, the botton is blown, and down we go, me think there is not going to be enough volume to make her go up, but that serve as a double edge sorwd, not going down eather, and could keep retracing to the other fib's, we would have to wait and see, have a nice weekend all of you here, and GBA.

Interesting analysis.

I don't think I can really add anything unfortunately.


Although, I can say, it's always beneficial, nay, probably the most beneficial thing you can do is analyse, take notes, etc of what you think/see/observe. Then follow it up as the chart unfolds. Take more notes etc.

Definately the best thing I do to aid my progress.


Magnus

http://i44.tinypic.com/2vvvzip.png

I am short at 128.48, my target is 127.50

What was your stoploss?

my sl 1.2915, i think its i a bad trade

R:R of 1.55:1.



Doesn't seem very good unless you have a high winrate.


Magnus

I pray

I'm aware that on the hourly that we are in a downward channel.

However, we hit (and confirmed) the channel during Asia.

But, look at the strength on the lower TFs.

I have not considered shorting today at all.


Magnus

I am short at 128.58, my target is 127.50