EUR/JPY Analysis DAILY chart. Unstoppable TRAIN!

Here is my daily chart analysis of EUR/JPY!

This pair is like a freight train killing short traders!
Earlier this week i posted a chart where EUR/JPY was trading @ 118.00 with a forecast of 120.00!

As you can see we flew past the 120.00 handle and are currently trading @ 121.67 !!!!!

As you can see on the chart, we are right on the 161.8% Fibonacci (121.68.00) if this level is smashed through, there is a high chance we shall see 128.16!There should be some space for profit taking and sellers to take a piece from this pair soon.

happy trading!
@SP_FX13

Views: 775

Tags: Daily, EUR/JPY, SIGNAL, analysis

Comment by Umit on January 25, 2013 at 10:26am

where can it retrace do you think?

Comment by Karl Koehler on January 25, 2013 at 10:48pm
What do you think of the resistance area on the daily chart on the dates 04/16/10 to 05/04/10, 125.440 to 126.410? It is fresh resistance. Could this fresh resistance at least slow the train down for a while? Would welcome your thoughts!
Comment by Shaun Powell on January 25, 2013 at 11:18pm

i see this level mate yes. I would class this as Major resistnce level!

look for a good bounce from here at least 100 pips i would say!

could see some profit taking

Comment by Jess Simms on January 26, 2013 at 5:55pm

Hey mate EJ has been amazing... i got in quite early on wednesday night... but as always left the party to way to soon.. but still made good pips... will look to re-enter.... early this week........Cheers 

Comment by Jess Simms on January 26, 2013 at 5:56pm

i need to learn a better exit strategy thats always been my achiles heal

 

Comment by Shaun Powell on January 26, 2013 at 9:16pm

hey jess!

at least u got pips. I posted analysis @ 116.50 projecting a 120.00 target but never even entered ha haha... missed few hundred pips :(

Comment by Jess Simms on January 27, 2013 at 3:22pm

Hi Lisa ,, thanks so much for your input on your exit strategy (ill definately take a serious look at it)...... i remember talking last summer with u and brian twommey quite alot ... nice to see that u r still here ( i took a sick leave for 4 months, all well now) ..all the best

Comment by Jess Simms on January 27, 2013 at 3:32pm

Im curious to know if u get lots of false signals with ur entry method, due to lag ?? and how deep of a stop loss u use (swing low, previous candle low, atr, etc)....  Also if thier are lots of false signals is ur systems winners out weighing losers in long run???  

Im asking cuz i tried similar cross stategies many yrs ago and i found i was getting too may false signals (small entry losses adding up)...but i do see the benefit of incorporatinga cross out into my exit startegy.. it will help keep me in the run longer for sure...........Tx

Comment by Jess Simms on January 27, 2013 at 4:20pm

Thank you Lisa ,, that totally makes good sense... better  to get chewed out (b/e)....rather then bashed out (s/l in loss)... much appreciate the advice... by the way last i talked to u were going to Barcelona.. did u make the trip.. i use to live close to thier in Malaga... hope u had fun

Cheers

 

Comment by Jess Simms on January 27, 2013 at 4:53pm

Thanx Peter ... great money mgmt... i do use peeloff method with 3 lots.... on 5min,15 min and/or 1 hr...   On RR 3 Scenario   i only drop 1 lot at TP1 .. and move s/l to beven. At TP2 i drop another lot but i leave my s/l at beven cuz once i got the direction right and ive succeeded in hitting TP1 an TP2 , this is where i see a pullback almost 70% of the time so my last lot should stay in play because my s/l was not moved up to TP1 area.... im just starting to implement this new MM strategy... cuz before i was moving my s/l to TP1 area after TP2 was hit (Thus i was getting trailed out too soon... and missing the bigger runs)....  Its slightly different than ur approach... ill also consider dropping 2 lots at TP1 (gotta think about that some more)

 

As for pyramiding i only do that on longterm positions, at serious pull backs

 

I always suggest to run 3 accounts .. 1 long term positions  ..2 multiday swings  .. 3 intraday trades

Keeps me disciplined and focused.... on longterm , mid-term and short-term thus i dont get influenced to trade on impulse, this helps me personally to keep my thoughts organized

 

Thank You for ur Advise..........  Jess

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