FX:EURJPY   Euro Fx/Japanese Yen
Market is holding and very reluctant to pullback. This is either the pump before the fall, or there are real buyers in here.

If we pop strongly over 135.84, then EUR/JPY             retraces and sits on the level, it could signal a "broken" head and shoulders, and in that case, we would initiate long positions.

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isomorph
2 years ago
should the shorts be worried?

as i get more acquainted with the megaphone pattern, i found this one on the daily chart; by the looks of it, if price takes out resistance at the monthly resistance pivot 1 (MPR1), then the next logical resistance seems to be in the area where the upper megaphone bound crosses this week's weekly resistance 2 pivot (WPR2) at exactly 138, a level which in the past (and clearly visible on monthly) enjoys acting as some kind of boundary for some reason.

chart: http://imgur.com/2jSHaZM
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EURObull PRO isomorph
2 years ago
Good eye. It is possible, however, I believe there are too many people now engaged long and that a pullback is about to surprise. After the pullback and consolidation/chop, the 138+ is very realistic.
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isomorph
2 years ago
this is so weird! in the past, i used to like the Fisher transform... for some reason i just added it to my testing ground chart and just discovered i have re-implemented it with my TDIm study but using a totally different way of computation!! how bizarre the graphs should almost match exactly, except mine (shameless pride ;) ) has a clear OB/OS zone and a volatility band for the study's deviation from its normal distribution.

chart:
snapshot
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EURObull PRO isomorph
2 years ago
Nice chart! It's nice to also spot the bearish divergence taking place on your Fisher. It would be so nice to see an 80 pip drop on a Friday, been so long since we had an exciting Friday trading day into the close!
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isomorph
2 years ago
ok well... i averaged up and was able to exit my short with a puny profit. definitely not liking Yen crosses. but feel i need to learn something here, so will keep at it... ;)

do you have any recommendations atm?
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EURObull PRO isomorph
2 years ago
They just flushed out all the longs and recruited tons of fresh shorts. We go up from here (135.15 area)
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isomorph EURObull
2 years ago
this pair is truly driving me crazy. wish i had held longer. unbelievable.
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EURObull PRO isomorph
2 years ago
I know, especially in the Euro Session. Nobody will be expecting the upcoming long
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EURObull PRO EURObull
2 years ago
I would imagine a full retrace of this last move down
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