Wow, what a bounce nearly 200 pips. The move netted us a 60 pips. It seems as though tonight may follow suit early in the seesion.
I plan to buy EUR/JPY around 114.00 with a TP 114.60-114.70 and SL 113.40-113.50.
The pair has broken through it first significant resistance on the 4 hour chart around 114.00. RSI looks stubborn as it stays close to the roof. Important 114.00 support coupled with overall trend and the RSI reading suggest that a test of 114.60-114.80 is due. Hourly chart looks very bullish with the 100EMA in the dust and strong waves. Selling at these levels is not logical. A SELL ORDER AROUND 115.00 for a quick 40-50 is MORE LOGICAL.
Shorter time frames are looking mildly bearish which is why I think that buying a little lower has a better risk/reward ratio. Resistance up around 114.70 and support down at 114.00 and again around 113.50.
Wednesday, November 3, 2010
Tuesday, November 2, 2010
FOREX DOJO TRADE # 36
I closed last nights trade for a gain of 25 pips. GBP/JPY has been tough for me lately so I have set my sight on EUR/JPY. I plan to buy around 112.90-113.00 with a TP 113.50-113.60. and SL 112.40-112.50..
I am bullish on this pair for now because the both the daily and 4 hour charts have broken above the 100 EMA and resistance at 112.50 and 112.90. The RSI are still looking healthy and resistance around 113.50-60 looks good for a test. Hourly support comes around 112.60-112.85. with the price still about 45 pips from the 100EMA and bearish pressure seems to easing by the looks of the price action.
The smaller timeframes are in a nice smooth range between 112.90 and 113.40 so a 30-40 pip trail is reccomended.
I am bullish on this pair for now because the both the daily and 4 hour charts have broken above the 100 EMA and resistance at 112.50 and 112.90. The RSI are still looking healthy and resistance around 113.50-60 looks good for a test. Hourly support comes around 112.60-112.85. with the price still about 45 pips from the 100EMA and bearish pressure seems to easing by the looks of the price action.
The smaller timeframes are in a nice smooth range between 112.90 and 113.40 so a 30-40 pip trail is reccomended.
Monday, November 1, 2010
FOREX DOJO TRADE # 35
Last night the entry target was not reached and so the trade is cancelled. The range has been tighter than anticipated now between 129.00 and 129.50.
Tonight I plan to buy GBP/JPY close to 129.10- 129.20 with a TP 12.70-129.85 and SL 129.55 - 129.70.
On the 4 hour charts the pair has broken and held above 129.20 which indicates bullish pressure. The pair is also holding above the 100EMA . RSI is ranging in the middle. Hourly chart is also holding above support around 129.15 as well as the 100EMA. Closest resistance is around 129.40-129.50 with 130.00 region the next stop. on the down side 128.80 areais vital support and I hope it holds for now.
The shorter periods are looking good with 15 and 30 minute both holding above the EMA but more or less rang bound with a bullish tone. 5 minute chart is as usual all over the map.
Tonight I plan to buy GBP/JPY close to 129.10- 129.20 with a TP 12.70-129.85 and SL 129.55 - 129.70.
On the 4 hour charts the pair has broken and held above 129.20 which indicates bullish pressure. The pair is also holding above the 100EMA . RSI is ranging in the middle. Hourly chart is also holding above support around 129.15 as well as the 100EMA. Closest resistance is around 129.40-129.50 with 130.00 region the next stop. on the down side 128.80 areais vital support and I hope it holds for now.
The shorter periods are looking good with 15 and 30 minute both holding above the EMA but more or less rang bound with a bullish tone. 5 minute chart is as usual all over the map.
Sunday, October 31, 2010
FOREX DOJO TRADE # 34
As the weekly results prove my trading has been below par latley. Sometimes things don't click resulting in losing streaks.
Tonight I feel we are sitting on the fence at this point with 129.10-20 the closest support and 130.10-20 the closest resistance. Based on my analysis the most likely move will be up testing the 130.00 region. I would feel safer placing a pending order around 129.95 than to sell around here. A 129.95 sell order with TP 129.20 and SL 130.50 is my preferred strategy
The 4 hour chart is showing a trend line around 129.90 with the RSI close to overbought and the 100EMA broken. The hourly charts are looking constructive but the inability to hold above 129,80 is not encouraging.
The shorter timeframes are pretty much ranging after the pop through 129.50. The price jumped 150 pips and dropped 70. Now it's stuck between 129.70- 129.40
Tonight I feel we are sitting on the fence at this point with 129.10-20 the closest support and 130.10-20 the closest resistance. Based on my analysis the most likely move will be up testing the 130.00 region. I would feel safer placing a pending order around 129.95 than to sell around here. A 129.95 sell order with TP 129.20 and SL 130.50 is my preferred strategy
The 4 hour chart is showing a trend line around 129.90 with the RSI close to overbought and the 100EMA broken. The hourly charts are looking constructive but the inability to hold above 129,80 is not encouraging.
The shorter timeframes are pretty much ranging after the pop through 129.50. The price jumped 150 pips and dropped 70. Now it's stuck between 129.70- 129.40
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