Short EUR/JPY

Looks like it's ready for some upward movement to the 164 resist line.

Below is a shot of the E/J from my journal back on April 23...

http://i24.photobucket.com/albums/c26/sammybiker/eurjlontermcopy.jpg

Now, check out the continuing downward trendline, corresponding with resist @ 164...

http://i24.photobucket.com/albums/c26/sammybiker/eurjpy.jpg

I took a small long right about 162.1 with a tight s/l at 161.85ish, looking to play this thing upwards. I'm ready to take the reverse and short it on the break down of 162 but would really like to see it back up and then short from the top end resist @ 164 or 164.5.

Thoughts, etc?
 
Quote from sam0182:


Thoughts, etc?
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Sam: good thinking, and good trade. But I think if it were to go up, it would not go beyond 163.50.

For the moment, I see a resistance even as low as 162.56 as of the time of this writing (5:30PM or so). I just shorted there few moment ago. But you have a good profit, and keep you thoughts flexible to play it anyway it wants to go. But if in doubt, stay out. Capital is priority number one.

But you have good thoughts!:p
 
Quote from FXAnalyst:

I'm slowly diversifying re brokers, don't trust any of them, will eventually have 5 or more I use regularily. Never let capital build much either always take it out regularily. The waters are shark infested evidently. I'm sorry to find that out even if it is mostly by others' experiences. So far I've only been the recipient of a few glitches that have caused occasional miss of profit. Bad trader experiences are many it seems.
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Thanks FX. I just read your excellent post. I think I see what you are saying. I will send you a PM if you can make some suggestions. I do not think it is an accident (I am up 50% over the last 2 weeks, and I hope they are not ...).

Cheers.
 
Quote from riskfreetrading:

Sam: good thinking, and good trade. But I think if it were to go up, it would not go beyond 163.50.

For the moment, I see a resistance even as low as 162.56 as of the time of this writing (5:30PM or so). I just shorted there few moment ago. But you have a good profit, and keep you thoughts flexible to play it anyway it wants to go. But if in doubt, stay out. Capital is priority number one.

But you have good thoughts!:p
More...

I agree with you.

This is a more risky play as the support is not very solid @ 162 and the trade is focused mainly on the rising trendline (which crosses with the 162 figure), seen in my screenshot above.

I also agree with your resistance statement. I don't have much to comment on the 163.5 resist figure and cannot pull up my charts at this time. I just know that I would like to see it back to the 164 figure (So I can short it down!)...we'll see whether this will happen or not.

I can't access my broker right now but will plan to take half profit and move my stop to B/E in a couple more hours. This is more or less a fun trade and the S/L is conveniently close so I'm not worried about being taken out.

You looking to short it back to 162?

Good afternoon and good luck on that short. I feel we'll both bring in some pips on this as I can certainly see E/J heading back to that 162 figure, if not blowing through that all together.

In addition, looking below 162, what do you see as the next support? I can see 161, pulled from previous peaks in March, Feb, etc...any thoughts?
 
...and we did punch through that 162.56 resist for a bit but it did hold. Looks like a good time to cash this trade in for the 45pips and wait for a break of the resist.

I'm looking at the 15min @ 5PM PST.
 
Sam: Glad you are making money, good trade. I shorted around 30 minutes ago. Below is what I wrote on my blog.


"I hope that you managed the previous trade well. I made on it 15 pips.
Few moment ago, I re-entered at 7:39PM, and shorted it in 162.67 area. I will include a screen shot later today. I will also revisit the other post to comment on the trade."

"It is now 7:50PM. I just took off half the position I shorted with a 12 pips profit. I plan to re-enter on a rest of high and fail if any. If not, it would mean that the current trade will go for a lot."

http://financialtraders.blogspot.com/2008/06/shorting-eurjpy-on-june-04.html

Charts have been added there as well.

Profitable trading, and all you readers you deserve to be rich!

Cheers from RFT
:cool:
 
Out for +46pips...looks like that resist line still wants to hold.

<a href="http://s24.photobucket.com/albums/c26/sammybiker/?action=view&current=eupy.jpg" target="_blank"><img src="http://i24.photobucket.com/albums/c26/sammybiker/eupy.jpg" border="0" alt="Photobucket"></a>
 
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