Comment by genxtrader on April 10, 2012 at 8:31pm

 catch the knife? or stab straight through.

Comment by Peter jcp on April 10, 2012 at 8:50pm

I will be catching it - dont know the exact price yet though and its a shame because its an Asian Session one and I would be more interested after Europe opens at 7am UK and 2pm NY.

Its way OS on my 4 hr 8 hr and daily - entering a support area- so I will also have a look tomorrow am. Meanwhile was you looking between 82 and 82 40 area Gene ?? -

Have a good one - what ever you do - regards Peter

Comment by Peter jcp on April 10, 2012 at 8:55pm

The ideal place then to sell it again would be mid 83- 84- but all depends on so many other factors and being mid week and mid month - anything goes :-)

 

Comment by genxtrader on April 10, 2012 at 9:25pm

 ive caught quite a few knives in my days but im careful about it, but looking at it i would be inclined to call the trendline valid and the channel and horizontal support the trap, but i have to see the reaction to the lines to see which line supports the reaction, but yes i do like it at the mid to low 82 area to long if there is a reaction,its falling pretty hard.

Comment by genxtrader on April 10, 2012 at 9:31pm

yes at this time it is preferred by me to re short consolidation moving across the channel with reaction at upper channel line we will see what kind of reaction at trendline

Comment by Peter jcp on April 11, 2012 at 11:49am

Hi Gene - I was late going back to this one today but off an hourly scalp at 82.84 - I left part on ( 35%) as a swing and have noticed now I am up over 60 pips - which for scalper is nice ;-))

83 55 to 60 area would be a natural place to take some more profit - which might tie in with the US session - but then I think after any pullbacks I would buy again

Hope you have made some good pips - and thanks Gene for your post alert - I owe you more than an internet beer :-)

Comment by Peter jcp on April 11, 2012 at 12:05pm

Comment by genxtrader on April 11, 2012 at 7:08pm

 hey pete nice play, im in watch mode i didnt play it,i just came off of a successful short series on jpy crosses and am currently flat,this is what im watching.

Comment by Peter jcp on April 11, 2012 at 7:30pm

Hi Genx - Yes noticed that yen pairs had fallen yesterday and they were oversold and it was bounce time today. So took advantage of that with GJ as well but not the EJ as i was also scalping on EU and AU.Your initial chart certainly helped on my decision

The EU is a waste of time atm other than for scalping simply because of the tight range the market as allowed itself to get into - also not helped with it being an holiday week.

The yens pairs look as though they might revert back to their weekly trend - but we will know more if and when the supports are tested again - regards Peter

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