EUR/JPY

hi all,

EurJpy M15 Short PO 137.00 ...

cheer

I'm confused where this pair would go, have to wait and see tomorrow.

EURJPY has been in a 3-waves flat correction wave (a) since 27Dec2013 high, now finding target of completion slightly below wave a and in the area of 134.70.
It's correlating with CHFJPY with similar PA and pattern.

So i am on short can i hold until 135.00 atlist ?

Div

Just bought at 137.3. This will head up north. At least it is good risk reward. SL 150 pips. I will keep this one until 140 is reached.

you sure for ur trade ?

Some more upside price action before declining.

My trade is based on the H&S (blue). I am expecting a BO of the top channel TL (light blue). It's a test between the bulls and the bears to see which will break first. The top Channel TL is likely to be a stronger resis. than the yellow support but if a FO upside of the wedge (yellow) happens it could turn into a genuine BO if it crosses the top channel TL.

Lol, Follow?

Closed my trade on news Russian convoy attacked by Ukraine. Yen will be a safe haven likely.

I had to sell off a couple of my NU positions to stay afloat while the EJ retrace was going on. That was my fault. I was too heavily positioned. Had to sell about 80 pips in the green. Now if we can break the 134.xx range all is well. The daily chart shows that all the activity in August is just consolidation and the bands are tightening.

Comment on the Daily Chart: It is the daily chart that usually determines the trend for day (and even trend) traders. The shorter interval charts all went up but the daily is still in a down trend. We would have to get a couple more spurts like we did this morning in order for the daily to transition up. So it's still a down market. Be cautious for those going long.

EJ - According to my OHLC and Bollinger Bands, and EMA (that's about all I use these days for trend spotting) these are the trends of the following charts:

As of 8/15/2014 PST am

The 5 min to 1 hour charts are strictly used for positioning--or scalping.
15 Min - DOWN
30 Min - TRANSITION
1 Hour - UP
*************
2 Hour - UP
3 Hour - UP - 19 candles
4 Hour - UP- 14 candles
The Daily - DOWN - 7 candles
Weekly - DOWN- This trend has continued since May.
Monthly - TRANSITION- if this goes into a downtrend, we are looking many months of trending down.

Fibo & Pivots for:

2HR - Redrawing the fibo, it shows that if already broke the 50% retrace down. Remember its Friday morning and after the morning statements, most of the brokers are on their boats by now.

3HR - It has now hit the PP. It is hoped that it will hit the S1 at 136.75
4HR - Same as 3HR
Daily - Same
Weekly - Has not reached the 50% at 132.44
Monthly - Has not reached the 50% at 119.90 - could be months or even a year or more.

JPY crosses getting slammed.. Short Eur/Jpy 137.47 Looking for some good risk aversion with some nice JPY strength

Good position. Are you going long or short term? In other words what is your strategy for this play?

Its all shorts now, holding longs on this pair requires more courage than facing a Russian black bear

Big whipsaw today, price is back to the level where it started just like EUR/USD.

Can't disagree there. Once I get out of my shorts I'm going to go back to daily trading. I'm leaving way too much on the table.

Here comes a setup for shorts on rise with a sell limit 137.30 and a stop loss above channel line, before my bedtime.

p.s. Similar setup on CHFJPY too.

The Euro is attempting to bounce against the Yen today, closed above 137 level, due to the weakness of the Euro, I probably will wait for opportunities to enter short.

This pair has been bounced up and down yesterday, I can't see any direction yet.

This pair might either run away without me or come up to my sell limit at 137.30. Hoping for the later.