Well, there goes that. Nice break of 165...maybe wait for a pullback and go long. Curious to see what happens when the US session wraps up here in 15 minutes. Next resistance I see is at 166 & 166.5ish.
Bump, did you play any action last night RFT? There was a nice steady uptrend on the 15 minute that I longed a couple of times. Was stopped out on earlier shorts yesterday, trying to break even Otherwise, I don't like where this thing is going, now that it's North of 165.
Sam: Sorry I have been busy with trading and other things. I will answer later. My posture is: short this EUR/JPY baby. My current reading of it is that it topped when it visited 166.15. Next move for hours and few days traders is likley down. PS: I am also shorting EUR/USD at 1.5750 area. I will answer later. The point is to short rallies. Risk on shorting is limited/small, reward higher.
Sure, sounds good. I'm not a fan of calling tops/bottoms unless there is a support/resistance close by and I just don't see any of that with E/J right now. It will be interesting to see what happens next week.
Price 165.50(weekly close , 6 of June 2008). Euro-Yen is at critical point and now she have two ways for the next 4 weeks. Plan A is to go sharp down to continue the 4th wave or Plan B to go sharp up and make the final 5th wave. If we take a look of the previous weekly correction wave 2 , which was long triangle formation and HUGE Head and Shoulders pattern in year 2003-2004 and compare it with the current 4th wave formation also Head and Shoulders patern , we'll see the same movements in. See the Charts attached below. Further resistances and final 5th of 3th wave could be 178.50 or 181.80. Further support inside the triangle could be 158.80 and 154.10. Sincerely yours, Mihail Mihaylov(Thomark)
I just profits of my short position left over the weekend. I closed it at 165.20. The bid ask spread is large before 8PM, but I thought to take the profits and wait and see. I did not want to leave at risk a good amount of 80 pip gains.
8:19PM: I started getting back in short side of EUR/JPY starting in 165.75 area. Details will be posted in my blog. Happy trading!