EURObull
Long

Overnight Shakeout For Longs

FX:EURJPY   Euro Fx/Japanese Yen
Last night's sharp move down accomplished 3 things:

1.) shook off longs late to the party
2.) cleared protective long stops sitting under 5/13/2015 lows
3.) sucked in fresh shorts

We are looking for EUR/JPY             to get back up to 136, 137, and eventually 140.70.
We are also expecting some slowing/chop as we get back to the 135 area.
isomorph
2 years ago
ok here's my screenshot with all comments in yellow call-outs: http://cl.ly/image/3J1L0G1b0O1B
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EURObull PRO isomorph
2 years ago
That's one great looking chart and I am on board with your scenario #1 indeed.
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isomorph EURObull
2 years ago
thanks, but the colors are awful. i love your color choices but then if it's too pleasing to my eye, i wouldn't focus as much. ;)
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EURObull PRO isomorph
2 years ago
haha, thank you. I know, I catch myself staring at these charts for hours still. Like we said before, a true passion!
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isomorph
2 years ago
and there's something about that channel that seems almost like an expanding type of flag.... can't remember now if this is considered a bearish flag? the bullish flag pattern should be pointing downward, then price comes out of it to the upside. but here the direction of the channel is the opposite of your typical bull flag... damn it, what's it called again?
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EURObull PRO isomorph
2 years ago
one of my mentors liked to call it the "megaphone", here is an online description for those not familiar with it: http://www.marketwatch.com/story/bearish-megaphone-pattern-calls-for-stock-market-selloff-2014-11-12
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isomorph
2 years ago
here's bulkowski's site, a great resource for all patterns--the guy must have OCD when it comes to technical patterns ;) : http://thepatternsite.com/flags.html
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EURObull PRO isomorph
2 years ago
haha, impressive site...could be a "quad shot" espresso kind of guy : )
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