Short EUR/JPY

Quote from riskfreetrading:

At around 10:20PM, I moved capital to shorting EUR/JPY starting in area of 166.25. I posted the call on the blog with an analysis of areas of strong buyers, sellers, etc. The analysis is at:

http://financialtraders.blogspot.com/2008/06/currency-trading-euro-vs-yen-eurjpy.html
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The analysis I made, and the later price action of EUR/JPY, were almost a perfect match. Here a part of the analysis which is in the blog:

"My current reading of it is that strong sellers in area of 167 to 167.50. Buyers to be tested at in area of 165.65. First resistance before heading to the strong selling is 166.60, but I do not expect this first resistance to be broken soon if any. Sellers are in control for the moment."
 
After the gains of last evening/night, I am back again to start shorting it. I started shorting at 9:55PM (details are on the blog) in area of 166.25. I see a current resistance at 166.40 area.

But you have you be careful. Here is a part from the post on the blog that you may want to pay attention to:
"......
........In addition to scaling, I evaluate the size of my trade. Where EUR/JPY stand it not the best place I would have like it to be for a clean short. At 10:42PM (EDT), the strong sellers are in area of 166.90, but there was sellers at lower levels. So the price is not at the strong sellers area, I am reducing to half the size of a normal size.

.................." http://financialtraders.blogspot.com/2008/06/currency-trading-forex-trading-june-10.html


Happy trading,
 
No one is playing this pair? What's going on? I just covered half of the latest position I shorted. Profits 27 pips.

It has been a good day: more than 100 PIPS gains so far. Details are being posted in the blog.
 
hello riskfreetrading, i'm trading it , but with many shorts again , this pair is teasing me from a month ago ... with shorts and shorts.

Looks like we are in triangle now , and another rise will come with target 168.10/30 , but i'm still on short side with average price 165.00.
 
How sure are you about the 168 level? Unless it breaks the recent high, I think if it can bounce up, but the future path is range bound or south. I will continue to short end of upmoves. My calculation of current high is 166.80 area. So if it goes there, I will be there to sell it as soon as it shows weakness.
 
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