I have been enjoying this latest long on cadjpy and it's been a relatively fast and powerful swing trade. It is hitting levels of resistance and supply zones in the 89.16 area. The latest thing I am looking at is the sell back into areas below us most notably 86.49 and 84.800. For the first trade attempt, break 8845 and sell down to 86.50. Stop is 89.45 Leave that on or take profit with the understanding that the price can come back to 8800 and resell it... Ultimately the trade can fall into 83.400.
If the first trade sells take another sell between 90.12 and 9150 target 83.40 with the stop above 91.60
I am not on this until the trendline break, people who are panic messaging me with the cadyen buying because yen is dropping.. Have patience. will let you know when I am on it. Thanks tons.
I'm selling looking at 8805 for the first one
Taking another trade off from the original entry..
one off for 250 pips
Expect a retracement today. I am looking for a continuation of dollar sells, but we will have to see what inflation data brings. Unbelievable selling this week. Glad it gave it to us and I am very glad that some of you were able to be a part of it.. Let's catch the next pulse.
I am building additional sells at 8670 and 8640 selling tonight down to 8450 come on let's drop on down some more there...
EURJPY could not break the top at 136,9 - we have a clear indication of capitulation + considering the three EURJPY Weekly tops (head and shoulder actually)... also Nikkei is holding 0.382 at 19184 - this level is violated we may start a bull on SPX ? ... what would you advise Hope ?
@LoLBeach, Hey there. actually that is going long now off support should pop to 85 area and you can resell that. Yen pairs are quite a gamble though right now. when the indexes begin dumping, and they will, everyone will go flooding into the yen, which will force selling, so right now it should be able to pop back up to 85, wait for it there and should be able to get a resell lower.
@LoLBeach, In a risk off environment, many investors will buy yen.. so that will heighten the value of the yen, sending the crosses like pound yen, euro yen, aussie yen and cad yen lower. That entire basket can continue selling... for the last two weeks it has been selling.. so in my opinion it's time for some of these crosses to pop up just a bit, but the timing on that is incredibly risky to be buying the pairs. Better to wait for the sells.
@LoLBeach, I am a technical pattern trader and I look at the monthly, the daily and two hour for a sense of direction. learn to treat your monthly chart like you treat your one hour and your 15 minutes. If you understand the direction on your monthly chart and you can tell how the market moves in relation to your daily and your two hours, you can do it. Learn to read it. It's like reading music and not all trades are going to work out, but if you can get at least 40 percent of them to work with a 1:2 risk reward, that's your account increasing. So who gives a rat's but about percentage wins if they don't run to the targets for big pips or if you have to remove everything early? ridiculous. percentage wins mean nothing. percentage gains on the account with the target being hit and the stop loss being avoided is where it's at.
@hope.bleecker, true words. i check RSI on Weekly and 4H and 2H for now for the same sense of direction. Still - how you caught this deal remains a mystery for me... is spinning on a 3-day chance. This is not luck I am sure. Have you programmed the entry point? Or you are just working every day like a crazy...