Comments on: EUR/JPY dispatches another technical resistance level

By: Kirill

Kirill — Fri, 23 Nov 2012 15:36:28 +0000

In reply to Papillon. > @Papillon: yes volume could be low, but price is a price. I was wrong in my estimate of upside. Now need to step back, wait for couple days and reevaluate.

By: Papillon

Papillon — Fri, 23 Nov 2012 15:31:57 +0000

@Kirill : I guess, this risk on is accelerating with low volumes

By: Kirill

Kirill — Fri, 23 Nov 2012 15:20:09 +0000

In reply to Papillon. > makes total sense. I am foreign to EUR/JPY as well, bit the trade looked attractive earlier.Thank you for comment. It saved me some. I am a bit surprised by the strength of recent risk on move. I am not in the mood to chase anything here and not ready to put any countertrend trades either. I will wait several more days before dust settles.

By: Papillon

Papillon — Fri, 23 Nov 2012 15:13:08 +0000

In reply to Kirill. > Hello Kirill, i haven't done anything on this cross. By the way, i monitor it closely to understand the market, for my next trade ;-)

By: Kirill

Kirill — Fri, 23 Nov 2012 14:43:26 +0000

In reply to Papillon. > @Papillon You are spot on... Just saw 106.7 Will wait for other day to short EUR.

By: Sean Lee

Sean Lee — Thu, 22 Nov 2012 20:13:21 +0000

Oi Papillon, Big Brother is always watching you 🙂

By: Kirill

Kirill — Thu, 22 Nov 2012 14:11:10 +0000

In reply to Papillon. > @Papillon Thank you for the info. I am not comfortable with JPY/USD. local technicals are ok, but the move was too big recently. I have decided to get out of JPY/USD with small profit. Will keep reduced short on EUR/USD.

By: Papillon

Papillon — Thu, 22 Nov 2012 13:45:05 +0000

In reply to Papillon. @Kirill : stops eyed at 106.75

By: Papillon

Papillon — Thu, 22 Nov 2012 11:49:00 +0000

We have not anymore restrictions for writing dirty comments 😉

By: Papillon

Papillon — Thu, 22 Nov 2012 11:40:48 +0000

Ok, thanks for this reply. I am tempted to short EUR/USD at this current level but the others pairs like EUR/GBP, EUR/AUD, EUR/JPY have broken resistance. I prefer the “wait and see” mode that top picking at 1.2900 for EUR/USD.

By: Kirill

Kirill — Thu, 22 Nov 2012 11:28:27 +0000

Papillon.
Idea was originally driven by my desire to short EUR/USD on approach towards 1.29 from couple days back. (Retests of line with lows from early Oct from below). And I agree with you that we could see just consolidation in EUR/USD with possible higher end target around 1.30. JPY leg was thrown there because of divergences on hourly scale from last two days. This is 24-48 hours low conviction trade that just feels right on my side.

By: Papillon

Papillon — Thu, 22 Nov 2012 11:16:30 +0000

@Kirill, could you precise your idea ? because EUR/USD is higher and USDJPY has consolidated since one hour ?

By: Kirill

Kirill — Thu, 22 Nov 2012 11:08:32 +0000

I am not sure if it makes sense, but I have decided to try shorting EUR/JPY around 106.2. The reason: I do like recent action on hourly scale for both EUR/USD and JPY/USD and will try to play it through those legs. I have not decided on goal and SL, will see how it develops over next 12 hours. Most probably 100-150 pips of counter trend move would be enough for me and I am not going tolerate more than 70 pips of losses.

By: Mike

Mike — Thu, 22 Nov 2012 10:14:57 +0000

so true, Iridium

By: Iridium

Iridium — Thu, 22 Nov 2012 08:53:25 +0000

It feels like the market was so desperate about something to happen and is going full in on this JPY trade, like a herd of sheep running to the slaughterhouse, the ones behind fearing they would miss something and pushing stronger.