In the market I never vote my opinion. If I do I am like anyone else. Buyers and sellers, each think they are right. But one side will be wrong. So, I wait for the extremes,and join the winner subject to me concluding that the winner would run with the ball for some distance that is worth my risk. But be careful. Bulls (bears) will be defeated. It is a question of when rather than if.
I do not have a position in EUR/JPY. If were to have a position now, I would hold (at least part of it) until 158.20 and beyond. I am saying this because if the hourly trend were to reverse, the move should be larger and the current buyers on the hourly trend seem to me to be in that area. These are buyers who would buy even if earlier buyers have been defeated. The first buyers in hourly charts seem to be in the area of 158.40 to 158.35.
Dinner time! I am still awaiting a possible battle in the higher territory mentioned above or until a new picture emerges. Currently no positions on eur/jpy and no orders in place.
Pair EUR/JPY: the area where buyers should be defeated in order for a reversal to take place has now lowered. It is now 158.68 to 158.70. First wave of entranched sellers are in the area of 158.65. No position yet. If there will be one it will be short, and only after buyers have been defeated at the level my system tells me they should be defeated at. I may risk not being on the down move if it happens without prices going to the defeat areas.
EUR/USD: went short for a size equal to what I shorted earlier today and made 10 pips on. Went short at 1.4659.
Plan to add to eur/usd in area of 1.4665 if buyers counterattack and are defeated. sell orders in pyramid formation. Stop around 1.4674
first down target on eur/usd is 1.4644. That is why my size is small as the move is small. If it becomes big later, then it is fine. A large number can also be obtained with a small number (which is my size) times a large number (the latter is the move if it goes beyond the first target).
EUR/JPY: Sellers who are strong enough to defeat buyers are now at a higher level (there are still sellers at the level of 158.68-158.70, but they are not reliable anymore). Strong sellers are now at 158.74. Waiting until I have confirmation whether they have the potential to defeat buyers. Will report if and when this happens.
EUR/USD: moved stops on open trade down to 1.46681. Removed the sell order that were placed in pyramid formation around 1.4665 as this will conflict with udpated stop order of current open trade.
Bed time for me. Summary: Made money on EUR/JPY. No current open orders or trades on this pair. EUR/USD: made 10PIPs earlier. Currently one open trade (same size as earlier today). Stop at 1.46681. If hit, will finish 1 pip on this pair. This is one of the worst periods to make money on currencies. Will post other trades when I am trading. All indicators, screens/etc will be shut down here in few minutes. Will celcome comments! Have a good night/day/evening/etc.