ForceFollower
Short

EURJPY A Correction Due

FX:EURJPY   Euro Fx/Japanese Yen
363 5 1
I know, I never fight trends, but in this case you've got two highs to the left, and a correction to the alternate price projection of 0.382 seems quite likely as it coincides with the bottom of a channel.
PRICE ACTION IS AGREE THE TRADE
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Sorry, but I expect it to go a bit further before correcting. In the daily chart I see the resistance zone between 135,50 and 136 only. And in the hourly chart we have not seen a turnaround signal as well up to now.
snapshot

Nevertheless, if we can get a confirmation of the black candle of the previous hour my above mentioned pivot points may be unvalidated. But it's to early now and I will wait even a few hours before I will act.
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ForceFollower motleifaul
You're right. I've also got some second thoughts on this trade. I jumped in too soon. I misread the EUR behaviour - I thought it was about to weaken, as well as I thought JPY was dumped enough to have a breather and recover a bit. Such turnarounds have taken place several times this week and I started to expect such an action once again. But the yen's weakness proved to continue and I was suddenly caught with my pants down. :-) I agree, there are no signs of sellers, just the two nice tall highs to the left...
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motleifaul ForceFollower
Seems you missed the point to leave this deal with profit. After forming the double top you you had the posibility to leave it with 4 yen profit but now...
Nevertheless, as you've been waiting so long you can wait a bit longer now. I can imagine another leg down.
Reply
ForceFollower motleifaul
Anyway, I agreed with your opinion and aborted this trade with a loss. I don't know, maybe it's done rising, but I'm flat in EURJPY now. What I'm happy with, though, is that price followed nicely my upward channel. :-)
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