I'm looking at the hourly EUR/JPY chart. I like the hourly time frame because it's easy to trade long or short term. For medium and longer trades you just analyse it on a 24 hour basis as if it were a daily chart, but the advantage is that it can put you into trades much earlier, and it's easy to exit unscathed (or not as badly scathed!) if you picked a wrong'un. I also think it's the most reliable time frame for intra-day trading too.
As I said a few posts ago, my medium term outlook for this pair is LONG and I posted my reasons for this here in the lady trader thread on Monday.
Today and yesterday, it quickly recovered back to around it's day high after taking news related tumbles, so the pair isn't looking as depressed at it has been lately. It's already crossed above the 200 ema, retested and bounced back off it again, and the bearish divergence on the OsMA might herald the pull back that I'm now on the look out for.
Still, when all's said and done I open trades based on specific price levels and not on indicators, so if any plan I make today looks wrong tomorrow then I won't try trading it. When that happens I make a new plan or if I'm really unsure, the best option is stay out of it.
As I said a few posts ago, my medium term outlook for this pair is LONG and I posted my reasons for this here in the lady trader thread on Monday.
Today and yesterday, it quickly recovered back to around it's day high after taking news related tumbles, so the pair isn't looking as depressed at it has been lately. It's already crossed above the 200 ema, retested and bounced back off it again, and the bearish divergence on the OsMA might herald the pull back that I'm now on the look out for.
Still, when all's said and done I open trades based on specific price levels and not on indicators, so if any plan I make today looks wrong tomorrow then I won't try trading it. When that happens I make a new plan or if I'm really unsure, the best option is stay out of it.
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