Nice run up as EUR/JPY is holding the megaphone pattern nicely. Looking for a simple pullback here, short from the 133.70s, 80s, and 90s, and taking profits in the 133.55 to 133.60 area. **UPDATE 5/26/2015: our short had a target of 135.61 and we also had a limit long sitting at the 135.60. Grabbed 20ish pips on the short and over 40 on the long. Pulled the long...
Market has been sideways overnight, boring traders and luring in more short interest. Protective long stops under 5/24/2015 lows have been cleared. Looking for market to get up to our yellow (slanted) parallel lines. Also note bullish divergence on CCI (black lines), in coordination with current megaphone pattern. Target 1: 135.33 Target 2: 135.77
We entered long Friday prior to close and will continue to layer longs if EUR/JPY continues downward move into purple box zone. CCI on 60 minute would then also make a W bottoming pattern for additional long support. Looking for 2 slanted parallel yellow lines as targets (this is the final "build" of the right shoulder of the Gorgeous Head and Shoulders Post...
ABC pullback after a nice short run. Drew yellow lines to show thrust up, pullback to the 133.81 area, and looking long for target of 134.13. Also note: we would still like the 133.63 area to get hit before we seek 135.33 to 135.73 area for long targets.
Like we mentioned on an earlier post, we maintain a bullish posture and mentioned there will be lots of longs and shorts on our way up. Great week of trading, and congratulations to all who followed our calls! EUR/JPY currently at 133.81, looking for a 30 pip pop long here, take profit set at 134.13
This is the level we've been calling out for days, the 133.90's to the 133.77's. Exited our short positions and are waiting for a long signal down here in the 133.90's.
Today's long was good for 38 pips, plus the 20 from the short early in US session, good day for sure and now looking for short pullback up here. Still interested to see if they dump it to clear the lows and hit our 133.93 target. Lots of big news reporting overnight and early tomorrow morning.
The right shoulder is now being "built" and is usually a bit lower than the left shoulder. Drew the parallel yellow lines as possible long targets and potential places to go short. Remember that the most recent EUR/JPY head and shoulders pattern was "broken" and a powerful long followed. This could also apply here as well. We will see how they continue to build...
Long bias still in place. Near-term target is 135.40. We could possibly hit this target, then come crashing down to the 133.90 area (the long activity here may be to take out too many accumulated short stops). Larger picture long targets of: 136, 137, and ultimately 140.77.
When we are hovering near lows and have not cracked down, with major news coming, it usually signals that too many traders are short. We exited our short positions with a nice 20 pip profit, and are now long from 134.52, looking for 135.40 as our initial target, as our long bias is still in place with larger picture targets of 136, 137, and ultimately...
Posted details on our 240 chart. Short Target: 133.93, and could run as low as 133.63 area
Noticed that CCI has extended itself and this run may have hit a ceiling for now. It would also make sense for EUR/JPY to do it's usual and clear long stops. This would also create a very elongated "W" pattern, where we will exit this short and look to get long. Short Target: 133.93 (100 pips from our current location)
EUR/JPY has not sold off and the bullish divergence on our 240 chart is still holding up well. We exited our shorts for a quick profit and are long again, looking for: 135.33 Target 1
As mentioned before, even though we retain an overall bullish stance for EUR/JPY, we said there's going to be a lot of shorts and longs on the way up. Here is one of the shorts. We have layered our shorts from the 134.56's to 134.71 (best fill for us here). Looking for short to: 133.93 We then have limit longs sitting around the 133.77 area for longs back up...
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.
EUR/JPY just cleared long protective stops from the last 5 hours. Appearance of a trendline break most likely also suckered in fresh shorts. Watch for this to run up to the 136.18 area, that is 50 pips up from our current location. **5/20 update: this long call was only good for 20 pips, never made it to the 136.18, and monster 100+ pip short bar took all...
There will be lots of longs and shorts as we continue upward, and this is our larger-term perspective of where EUR/JPY is headed. Near-term we expect a pullback before continued long action (could be shallow or deep). Next upside target is: 137.30 Big Picture Long Target (potential area for bearish reversal): 140.70 Let's have an awesome weekend!
Epic last 2 weeks of trading EUR/JPY. Our broken head and shoulders worked very well. We closed all long positions this morning in the 136.49 area. We are still bullish and are looking for upward targets of 137.00 and 137.30, and for now we see potential chop/pullback/slow trading as we are entering Friday's close. Congratulations to all who followed our trades,...