EUR/JPY Anytime!

EJ Dayly formed a positive divergence , confirming bullish

Good morning - seems our Japanese friends are preparing a press conference...


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End of week analysis, noticed an interesting bullish divergence on the weekly chart.

Of course it being weekly, it needs to be watched and confirmed, but these have a history of being pretty powerful.

Happy Hunting!

22 hours later, the picture hasn't changed much. We did not get a double bottom but we did not get a trend continuation up either. Something interesting has happened though. The uptrend was broken to the downside (hourly chart) and is now acting as resistance. My analysis stands unchanged and still see a double bottom in the making at the very least.

In the end, the GDP data should get things going roughly 2 hours from now.



Good pippin all

As i expexted chopy market

THat is why i finished yesterday my trading




Petar

Also for those that love trend lines in their trading, check this out. Notice the massive congestion zone. For those that use indicators, I will take a guess and say things are neutral, rangebound, little direction. For those that use market sentiment and gut feeling......this week we made a new low on a yearly timeframe (2001 lows) and 15 year low on USD/JPY. Sentiment is pretty one directional this week, still, regardlesss of the data. But thats just my 2 cents

First of all, we are waiting for uncle Prime Minister Kan to repeat his tough talk. Today, he promised "bold" action, as soon as his bank governor returns from Washington...

Second, the trend is your friend. As posted in my 8 hour chart early in the morning Simple Moving Averages still have not been broken to the downside.

I stay long with my first target of profit taking 108.51 area. A simple reason : one of my SMA´s is moving there...

What makes me uncomfortable with this assessment is the fact that retail traders are still 79 % long USD/JPY according to a well known Speculative Sentiment Indicator.

And then of course there is release of US GDP and Consumer Sentiment...

Pisholog, what makes you "self proclaimed" ? Do you have any "psihological" advise for us ?

I agree 100%. 108.5 is a dangerous area and should trigger a correction down.

Self proclaimed because no diploma or certificate makes any difference in this business. One can be self taught or have been mentored. Some may be strictly fundies based which may have meant some kind of economics degree. I learned from a young age that I approach things from a psychological perspective, weighing the good the bad, the obvious the hidden, the lie and the truth, the real reason behind events that happen or at least the attempt to find it out. I've always been what the books I read in school about psychology taught me I already am, hence the college dropout.

Advice? Here is some basic advice.
Identify yourself and what kind of trader you are and hone your skills. And always, adapt to the market, if something in your trading does not work anymore either eliminate it or change it so it works again. This is a difficult task especially for me since everything relates to my perceptions which is directly influenced by my state of mind. Bad state of mind, bad perceptions and so forth.

This is a rare skill and it does not work for everyone because it is based on personality profile. The majority of traders are scientific minded dealing with indicators that have worked for them and historical data for comparison. Other individuals such as myself approach things from a slightly different perspective. We look at the price action, each pip up, each pip down, for 5 minutes, maybe 15, maybe for hours each single day (most traders do this but individuals like me perceive what we see very differently). From how each pip moves I can derive what the sentiment is, whether bullish or bearish and build up a comprehensive sentiment for the day, for the session, and then compare with the sentiment from the previous few days. In my own twisted way, I can even determine volume based on the pa, and whether real traders are in the market or it is mostly an automated market.

This month overall has been low volume automated trading but this week, at certain times of the day there could be seen a lot of real traders in action. Ironically the real money was in areas of ranging and the moves either up or down were automated. It is usually the opposite. For that reason this week is my first losing week since the 1000 pip move to the downside which caught me quite off guard as well. Longer term, 2008 , 2009 and 2010 have had pa that was very different and major changes in price action occured, a trend I expect to continue through the next few years, after all, the world is in turmoil on a level that predates world war 2. I could give a million more such examples.

You are psiholog

This is part from Book about Dicipline >

DISCIPLINE IS THE GREAT SEPARATOR

Discipline is what separates human accomplishment from human failure. It is

what distinguishes bad from good. It is the Grand Canyon separating good from

Great. Superior performance from mediocre accomplishment. A+ from C-. 10

pips up from 100 pips down. Discipline breathes life into every aspect of life; the

lack of discipline sucks energy from all endeavors, characteristics, qualities,

attributes, projects, goals, and people. Life can be led without discipline but it

cannot be led well. This isn’t something I believe because it sounds good. It’s

something I believe because I’ve lived with discipline and without discipline; I’ve talked to hundreds (maybe thousands) of people who have done the same; in

every case, the disciplined life was the happy life.

Very good article

heh i found somethig interesting look >


SO cute

I think you´re up to something that might develop into a great trade ;=)

Funny how this pair attempted to break up and failed miserably as soon as Bernanke opened his mouth. Now that the uptrend was broken (the bear flag), only one support remains before a retest of the lows. Let's see



Update: 100pips down...100pips back up in less then 30 minutes. Quite amazing and unusual and caught me off guard...you dont see this everyday. Ill take it as a gift hehe. Im shorting every tap of the highs....foolishly and dont recommend it to anyone in this volatility.

The crazy market go back up. CRAZYYYY.

Yep 200 pip swing.The charts before US session began said stay out. All the charts where ugly.

You got to have brass balls for this sort of market.

Picture will tell you all >

As i planed 200 pips

Formation+Key level=High probality trade



Cheers


Petar

Hello petar

How are you?


Have you an idea where EJ is heading next im short from 107.21

and i like to add to it at 109.

ANY ADVICE?

Thanks,

Yoenes

We just moved above SMA ( 30 ) 108.53. Usually we should stop here and retest SMA´s...Let´see. Still long. We might see 109.07 today. Depends how the guys in the US decide to go further up in Dow Jones.

I took some profits 108.53. Rest of position long. Maybe reload if SMA test.

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