EUR/JPY Weekly Potential

Discussion in 'Forex' started by FJMcC, Feb 1, 2009.

  1. FJMcC


    Allright, never done this before. Going public with a trade idea. Just so I can look back in a week and see how nonsensical my longer term analysis actually is.

    By my mongaloid combination of Elliot, chart patterns, momentum and sentiment analysis I think there is a very nice risk reward setup in this pair. Risked down to around the 114.00 level I am targeting an initial move to approximately 118.31 as the first swing to an eventual move to the 122.50 level over the next 4-5 days. I think this is as good of a 7 to 1 shot as i have seen in a while.

    Needless to say, all of the above is pure bunk, but I have a nice feeling about this one, and may abandon my usual strategy of trying to grab 20/30 points a day and actually swing for the fences a little. It is high time we all stopped gaming the system for a little bit and actually ride a nice winner with real conviciton.

    We shall see, just hoping the market doesn't open gap too much above 115.00, that's how cocky I am feeling.

    When the pair is sub 110.00 on Tuesday, hopefully this idea of being a "real speculator" will be banished from my feeble brain forever.


  2. With the EUR lossing ground against GBP and USD. Look for a much lower base to be set around 106.00

  3. Yeah I would imagine this pair makes a lower low as risk aversion is still rampant plus the eur might be behind the curve big time now. As it is losing steam against the usd and gbp. I would agree though that there is more upside potential then downside potential but an entry point of 112 stop 109 target 117-118 might be a better bet.
  4. USD/JPY looks better. It has been basing for about 2 weeks now. Take some off around 95, target of 97.