EURObull
Short

Divergence on CCI for Quick Short

FX:EURJPY   Euro Fx/Japanese Yen
We have a short setup here, with blow off tops and a nice divergence on CCI on our 1 hour chart. Target is 128.77, approximately 60 pips from our current price of 129.33. Cautious short because any strong bursts of buying will trigger more short covering and an intense price move up.
isomorph
2 years ago
i honestly don't understand what is your basis for a short call here. also, it depends on your timeframe (TF). looking at the M5 chart, sure, there might be 20 to 30 pips short. but looking at anything from H4 and higher, there is no signal to go short yet. at least not until the monthly pivot (MPP, 130.00/15) is tested and further resistance up at 130.75 or thereabouts.


snapshot


with Heiken-Ashi candles:
snapshot


on daily:
snapshot


on H4 (comments on chart):
snapshot


and H4 Heiken-Ashi:
snapshot

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isomorph
2 years ago
forgot to add... sure on M5 we have this atm, but still unconfirmed on M15. price could stop right here at 129.40 or keep dropping 129.20 and 128.83. it's anybody's guess, ie probability is not clear as momentum on shorter TF is subject to much more rapid change than on longer TFs.

snapshot
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isomorph
2 years ago
i'll be damned. i took a look again at the CCI(14) and it is working really well.
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isomorph
2 years ago
like i said, there you have it:
snapshot


i'm showing M30 as in this case it seems to work a little better with CCI (14) on EURJPY. i mean, the candle patterns that we were having 2 turning points at key levels are a little more, whereas H1 only shows a bearish engulfing.

not sure if i'm going to switch to CCI though. it's a bit too noisy, but sure is early. need more clarity. will meditate under waterfall.
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EURObull PRO isomorph
2 years ago
Thanks for the feedback Isomorph. The CCI divergence has been working very well to spot entries. I look for stop runs as major turning points (see today's recommendation). Hope the meditation under waterfall helped! Have a great Friday.
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isomorph EURObull
2 years ago
my pleasure. :) just curious... have you tried CCI on other pairs and does it keep working the same on them as well as on EURJPY?
have a great weekend too (on gorgeous mahui (so envious ;) )).
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EURObull PRO isomorph
2 years ago
I have been strict to only follow the EUR/JPY for the last 5 years. I have been able to get a really good feel for this pair and decided to do it after I heard Warren Buffett say in an interview something like "winners focus on the playing field while all the others watch the scoreboard". It got me thinking, and by not diluting my focus on other pairs, I gave myself ample time to study and understand this pair's unique qwerks. Loving it here in Maui, and very grateful to be in this place of awesome beauty!
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isomorph EURObull
2 years ago
thanks. so true. i found and still find EJ one of the hardest pair to trade because, as you mention, of its quirks. 5 years shows amazing discipline. wish i had that. anyway, wishing you well, and til next time.
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EURObull PRO isomorph
2 years ago
Many thanks, this is a true passion and I really love charting/technical analysis. Have a great weekend!
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