EUR/JPY

[lusk]

I am Long EUR/JPY as of a few mins ago.

Entry at 132.803 with a 10 pip stop. No cemented target.

Initial target 138 then, up up and away.

Sorry cant post chart at work. will update later

Good luck as you may die from the boredom it’s been floating in the wilderness for sometime.

 

[lukeaye]

I dont plan on sitting and watching it.

I place my order and walk away.

I have a day job!

 

[lusk]

I dont plan on sitting and watching it.

I place my order and walk away.

I have a day job!

Ok, so why would you have a target of 138 which seems reasonable but looking at a 5min time frame with a 10 pip stop?

 

[Robshan]

Hi guys,

Curious to find out how many of you in ASF trade this pair regularly.

Personally, this is the only pair that I have made a habit of trading as it has some great movement during the Asian and European market sessions so I find it ideal to trade as an Australian with our hours. I know that a hell of a lot of people trade USD pairs but I dont have a schedule that allows me to trade the better times for those pairs.

Cheers

 

[Ruby]

Hi Robshan,

I like trading this pair too. It often gives lots of pips on a short time frame, and as you say, it is good to trade when you live on the east coast of Oz. I have been sitting on the sidelines for a while, waiting for it to decide which direction it is going to take, and now it is starting to look interesting again.

In the interests of generating some serious discussion I thought I might post a few thoughts on how I see things at the moment (which will be only my opinions), and will welcome feedback from anyone. I won't do it all in one post because reading a long post becomes tedious, but will do a few when I feel I have something worthwhile to say.

Cheers,

Ruby

 

[Ruby]

This is my take on the EURJPY as it is now. I don't mind if you disagree, but please do it constructively. I've tried to keep it concise.

Looking at the daily chart, the market made two lows, the second slightly lower than the first, and rallied each time to a level of resistance it was unable to break. The second low was accompanied by MACD divergence which made me think that the market might be about to turn.

Resistance at around 113.50 was tested several times, and each time the market failed to break through, so to me, the rally was looking weak and undecided.

The outlook seemed to change at the end of last week though, and since then it has been much more bullish. It has made a higher low before rallying strongly to break through the resistance which has held it back for the last six weeks.

I am a bit of a conservative trader, and while the market is in a consolidation phase such as this has been, I don’t have the courage to enter, even for short-term scalping trades, so up until now it has still been 'wait-and-see'.

More soon.

Ruby

 

[Ruby]

It might be too early to tell if a new uptrend has started, but I am thinking along those lines. What I would like to see now is a test of the resistance level that has just been broken. If it pulls back well below the resistance level the rally might be weak or it might fail, but if it pulls back only slightly before resuming the move up, that will suggest strength to me.

I trade intra-day, so looking at the 1 hour chart I now see a nice uptrend developing. Whether or not this continues, we will have to wait and see, but I am looking for opportunities to enter this market long.

I wrote this early today, and now - late afternoon - it is looking even more bullish.

Cheers,

Ruby

 

[ipndasno]

It might be too early to tell if a new uptrend has started, but I am thinking along those lines. What I would like to see now is a test of the resistance level that has just been broken. If it pulls back well below the resistance level the rally might be weak or it might fail, but if it pulls back only slightly before resuming the move up, that will suggest strength to me.

I trade intra-day, so looking at the 1 hour chart I now see a nice uptrend developing. Whether or not this continues, we will have to wait and see, but I am looking for opportunities to enter this market long.

I wrote this early today, and now - late afternoon - it is looking even more bullish.

Cheers,

Ruby

Yes agreed, I also see a Nice bullish run. Last sunday, I made a note on my white board to Stay Long on EJ for the next 6 months. I had targets at 112.50 (already hit) then 119.00 and possibly 122.33. However, like any market, we have to wait for a Pull back to enter in the direction of the trend or otherwise our stoploss will be hit and We will be sitting out and watching this run..

I also wanted to point out( as mentioned above) that this developing trend has a lot of resistance to go through before it breaks out Higher. Last Night I stayed Short as I am an aggressive FX scalper and I was able to make some nice calls around 114.31..

I also Took a Nice bounce off 113.40 Level (long) for a quick Pip Gain.. From Here I am once again Short, until I see a 122.50, then I will Reload LONG and Hold my positions fro several months collecting a Nice Swap..

Obey the TrendLines and horizontal S/R lines. Try to focus on the momentum and ignore the trading indicators,. Price will always be the best Clue.

It's my First post here, as I am from the USA, But I plan to share my knowledge and get an insight on the Aussie economical condition, because I am a big believer of HIGH yield carry trades and the USA dollar is nothing but a waste of a saving account. GO AUD.

 

[ipndasno]

Hi guys,

Curious to find out how many of you in ASF trade this pair regularly.

Personally, this is the only pair that I have made a habit of trading as it has some great movement during the Asian and European market sessions so I find it ideal to trade as an Australian with our hours. I know that a hell of a lot of people trade USD pairs but I dont have a schedule that allows me to trade the better times for those pairs.

Cheers

Hey How are you doing Buddy. It's Will from USA. invest $5 Lol. I did a Google search on your ID name and Thats how I found out about this Forum! great Find. !!

 

[professor_frink]

It might be too early to tell if a new uptrend has started, but I am thinking along those lines. What I would like to see now is a test of the resistance level that has just been broken. If it pulls back well below the resistance level the rally might be weak or it might fail, but if it pulls back only slightly before resuming the move up, that will suggest strength to me.

I trade intra-day, so looking at the 1 hour chart I now see a nice uptrend developing. Whether or not this continues, we will have to wait and see, but I am looking for opportunities to enter this market long.

I wrote this early today, and now - late afternoon - it is looking even more bullish.

Cheers,

Ruby

Hi Ruby,

thanks for posting up your analysis, appreciate it. Though it is a little hard to understand what's going on without a chart to go with it

Visuals just make everything that little bit easier to understand

 

[Ruby]

Hi Ruby,

thanks for posting up your analysis, appreciate it. Though it is a little hard to understand what's going on without a chart to go with it

Visuals just make everything that little bit easier to understand

Yes, accepted. I was a little short on time yesterday and as I haven't tried to upload a chart before I put it in the 'too hard' basket. If I post anything more I will add a chart.

 

[professor_frink]

Yes, accepted. I was a little short on time yesterday and as I haven't tried to upload a chart before I put it in the 'too hard' basket. If I post anything more I will add a chart.

Thanks Ruby, look forward to hearing some more opinions on this pair

 

[PipSafe]

Re: EURJPY

EUR/JPY pair from the end of 2012 till now was in a strong and without reformation uptrend that shows buyers determination to achieve predetermined targets. Price during the recent uptrend was able to record the highest price of 145.614.As it is obvious in the picture below, price has been stopped from more descending with reaching to the Up Trend line made of several Support points (Sellers leave their trades) and with creating the Bottom price of 140.296, the field has been prepared for ascending. The first warning for ascending of price is breaking of the resistance level (the yesterday highest price change) 141.947.According to the recent downfall from the top price of 143.773, RSI indicator is in saturation sell area and with the next cycle confirms the bottom price of 140.296 warns about price reformation during the next candles.One of the important warnings for starting the price downfall is breaking the ascending trend line (made of Five bottom prices) in 4H time frame.

 

[cogs]

Some long legs left in eurjpy to close out big orders from 22.03 up to ~125.9, and the only major to get it up there appears to be eurusd. IMO this is why the pump n dump in eurusd is also highly possible.
Longer term target being 120
Just my opinion.

 

[ducati916]

A bit of an experiment for me: placed an FX trade. Short EUR Long YEN @ 125.838 stop @ 126.109. It is in a demo account, so I can test my 'system' without killing the account.

jog on
duc

 

[ducati916]

A bit of an experiment for me: placed an FX trade. Short EUR Long YEN @ 125.838 stop @ 126.109. It is in a demo account, so I can test my 'system' without killing the account.

jog on
duc

Trade now moved into profit.

jog on
duc

 

[ducati916]

Trade now moved into profit.

jog on
duc

So this is now +132pts.

jog on
duc

 

[ducati916]

So this is now +132pts.

jog on
duc

The CFD system is quite different to anything else I've ever traded.



Still trying to figure it out. I've been reading through all the documentation and gradually coming to terms with it.

Essentially, quite a few posts ago Mr Skate asked for a strategy that was non-correlated to stocks. Well FX is it. Currencies have their own drivers and catalysts, sometimes they may align with stocks, very often they don't.

When I first looked at currencies, probably 15yrs ago, I think it was due to reading Market Wizards, were someone traded currencies, so I thought why not. Anyway, things did not go well and I just gave them up. However, now seems an opportune moment to revisit.

This trade could be on for a while, we'll see.

jog on
duc

 

[ducati916]

The CFD system is quite different to anything else I've ever traded.

View attachment 108858

Still trying to figure it out. I've been reading through all the documentation and gradually coming to terms with it.

Essentially, quite a few posts ago Mr Skate asked for a strategy that was non-correlated to stocks. Well FX is it. Currencies have their own drivers and catalysts, sometimes they may align with stocks, very often they don't.

When I first looked at currencies, probably 15yrs ago, I think it was due to reading Market Wizards, were someone traded currencies, so I thought why not. Anyway, things did not go well and I just gave them up. However, now seems an opportune moment to revisit.

This trade could be on for a while, we'll see.

jog on
duc

Ok, closed that trade, opened another:



Starting to see the leverage now. Documentation is really not that great in explaining the basics. However slowly getting there.

jog on
duc

 

[ducati916]

So had an experiment with different position sizes at the same price:



Tons of leverage available.

jog on
duc