That's the thing, do you really think these technical levels are critical with these crosses, or are they just incidental? I've used this example before, but would you still put faith in a triple divergence on a chart if you found out it was say a platinum/lean hogs cross?
Just look at the weekly chart, to me it says short 99%. Point is majors will always attempt to take out obvious stops, so if one is to survive has to adapt.
I've recently posted a call in PL based on a divergence, which was counter trend that had to be slightly averaged, shortly PL went to almost $1300, so yes and sometimes no. As you know there is no 100%.
I'm not so much arguing about the efficacy of whatever signal you use, but just that in all likelihood, if you examine eur/usd movement vs the cross, you are just getting "leftovers", if you get my drift, and that the aud side doesn't really help with the timing. Just my opinion of the general case, I realize there's been very strong moves this year in eur/jpy and eur/cad.
eur/aud seems like a sell at 1.6890 to 1.6900 Target 1.6534 maybe Maybe a buy at 1.6750 till next day Thoughts?
I did it because I saw it was at a channel top, and fundamentally rates were set to stay high compared to the EZ. Holding a short position at a channel high that provides nice carry is a smart move. Case closed If you saw GBP/JPY fall down to around 224, wouldn't you load up a little and wait?
To be honest I'd only trade gbp/jpy if I happened to get 2 separate trade ideas for each that happened to overlap -- the entries would likely never occur simultaneously. I've tried "hedging" in the past but I think it just makes me less attentive to my original position. What I look for in a trade usually expresses itself best just plain vs usd.