FOREX DOJO TRADE # 55

Tonight I bought EUR/JPY @ 110.50 with a TP 111.14 and SL 109.95.
Price action on the 4 hour chart tells me that the pair is ready for a bounce with 110.25 support holding well and the RSI almost bottoming out. On the hourly chart the price is over the 100EMA and the RSI is in oversold territory which is another bullish signal. 110.25 is key support. if it fails than 109.40 may come into play fairly quickly. By the looks of the technical picture this pair is pretty bullish, but then again it is December so lets keep our fingers crossed.

The shorter timeframes have been mildly bearish tonight but I'm not going to bother analysing them any further, the bigger picture is clea enough. Just to be safe a 40- 50 pip trail might come in handy.

FOREX DOJO TRADE # 53 & 54

I had posted a trade on Tuesday night for GBP/JPY for a buy @ 130.00 and TP 130.70 SL 129.50 that was never published. It was a winning trade that netted 70 pips. Yesterday I didn't post a trade bought EUR/AUD @ 136.00 with a TP 136.70 and SL 135.50 that was stopped.

The total P/L for those 2 trades is +20 pips.

FOREX DOJO TRADE # 52

Last night was a good and good timing played a major role. 45 pips profit was made. After the fall in the EUR/ AUD last night that broke 1.3675 and breached 136.00, the technical picture looks bearish at least in the short term. I will use short EUR/AUD 1.3635 with a TP 1.3566 and SL 1.3691.

The breach of 136.00 is what really makes me want to sell but there is always the risk off the move being overdone and a rally ensuing. 1.3550 is important support and the the bounce from 1.3600 hasn't been too enthusiastic. On the topside 1.3650, 1.3680. are the only near by barriers. 137.30 is next.

1.3640 is important on ht minute charts with trend line resistance present in the area. 1.3675 is again met with trend line resistance. We currently sit under the 100EMA on all time frames.
a 40 pip trail is a good safety net.

FOREX DOJO TRADE # 51

I was somehow saved from being stopped out last week with 1.0052 being hit in USD/CHF but I took it as sign to get out. I cut the trade around 1.000 earlier today for a 5 pip loss. My sentiment towards a weak dollar maybe a little premature. so I will wait it out for now. It seems that the year end shuffle is now in progress and is a good time to be extra cautious. The JPY Pairs are still a little tough for me to read but I've opened a position in EUR/AUD @ 1,3725 with a TP 1.3681 SL 1.3782.

The main reason for this trade is 1.3750 trend line resistance. It has held 3 consecutive times in the last 3 days and the last low after it was tested was about 25 pips lower than the one before. I am also adding a 25 pip trail because the 100EMA@1.3700 on the hourly which is the chart I am mainly basing my strategy off.