Lets now focus in on the hourly.
This time we have another triangle formation.
Due to the momentum created from the larger triangle break (daily) we should see the smaller (hourly) triangle break strongly to the North side.
We should see this within the next few days
I've successfully traded a lot of these triangle formations in the past. This one looks good.
As soon as the smaller triangle breaks north( assuming I'm right about this) my position will be gradually phased in.
This time we have another triangle formation.
Due to the momentum created from the larger triangle break (daily) we should see the smaller (hourly) triangle break strongly to the North side.
We should see this within the next few days
I've successfully traded a lot of these triangle formations in the past. This one looks good.
As soon as the smaller triangle breaks north( assuming I'm right about this) my position will be gradually phased in.
Attachments
Massive correction back into the range.
Hope you got some profits off the table, I got stopped out to break even.
This is now setting up for a big bounce (or equally big failure).
Good spot to use an order 'band'.
Watch for the '1,2,3' on support.
Very interesting pair.
Hope you got some profits off the table, I got stopped out to break even.
This is now setting up for a big bounce (or equally big failure).
Good spot to use an order 'band'.
Watch for the '1,2,3' on support.
Very interesting pair.
Attachments
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Rhody Trader
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I've been keeping an eye on this cross myself. Made a few bucks back in December, but have been surprised to see the pull-back. The long-term (months to years) set-up suggests a big move in the future, but it could take a few months to sort itself out. We may range trade for a while, albeit in a fairly wide band.
Big Move Pending ??
http://www.futuresource.com/charts/charts.jsp?s=EUJYY&o=&a=V:60&z=650x450&d=MEDIUM&b=bar&st=
Lovely pennant formation in Jan
Maybe Europeans get their way at G7.........
Paulson seems nervous of weaking Yen.....
http://www.futuresource.com/charts/charts.jsp?s=EUJYY&o=&a=V:60&z=650x450&d=MEDIUM&b=bar&st=
Lovely pennant formation in Jan
Maybe Europeans get their way at G7.........
Paulson seems nervous of weaking Yen.....
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Hook Shot said:
Okay........ change of tack.
I'm known for perhaps posting random opportunities and thankfully some are fruitful.. but so what ?
I posted this particular fx pair for a "particular" reason. That reason was I heard that Europeans and to lesser extent US were not happy with the decline in the YEN... harming their exporters and benefiting Japanese exporters etc....
Comments were made by J.C. Trichet (European Central Bank Chief) and Hank Paulson (US Treasury Sec.) that they were concerned about the weakness in the YEN.
Concern is one thing but what would or could they do about it ?
Well there is a G7 meeting this weekend where they have the power to alter the dynamics of forex markets - even if only for a period. In short they could do or say things which could force the markets to increase the value of the YEN (or at least deter institutions from selling it so heavily...even if only temporarily).
So we have YEN weakening against the Euro..... i.e Euro/Yen goes UP. With the comments of the last week by US/EU finance heads regarding the weakness of the YEN and thus the rise of Euro/Yen snd $/Yen cross rates ..... we should expect to see the rise in the crosses tempered.... and perhaps temporarily reversed!
We don't know what the G7 communique will say about the YEN or any currency in particular come Sunday or Monday next week... We don't even know whether they really give a **** !
After all the Yen carry trade (borrowing @ cheap Japanese interest rates and investing funds for better returns ) is making savvy people buckets of money.
The point is with Yen so weak (Euro/Yen... $/Yen so high) ... this looming event introduces additional uncertainty into the picture). Consequently, I thought it would be hard for players to continue to sell the Yen against Euro or $ with their usual relish - purely because of the G7 meeting...... the safest and perhaps more prudent course of action would be to pause selling Yen or buy back YEN to cover.....or even buy YEN outright!
This would inevitably give the YEN a boost and Euro/Yen and $/Yen should fall ..... so my theory is that for this week at least $/Y and Euro/Yen should find it hard to climb and hold gains ...
So with the pennant forming in the key Euro/Yen cross... it was a good bet IMO that the break ot of the pennant would be down.... although I could not be absolutely certain :cheesy:
Monday 12th onwards is something else....
Most forex participants know all this already but hopefully it might prove useful to those new to forex ....... if not to financial markets in general!
HS
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Yen weakens into G7 meeting.....Euro/Yen up strongly near record highs.........
Either insiders know that G7 will be tame on the Yen or this is a mega opportunity....
-hawkish comments will make for some interesting downside testing
-dovish/no comments could accelerate the rally this week (hopefully into a spike high).... or lead to profit taking..
Interesting times... can't hold positions over weekend but looking to see potential pullback before today's close.... due to uncertainty(?) of outcome.......
See charts in earlier post... I got the initial move right ...but the joy was fleeting ........c'est la vie ..
Either insiders know that G7 will be tame on the Yen or this is a mega opportunity....
-hawkish comments will make for some interesting downside testing
-dovish/no comments could accelerate the rally this week (hopefully into a spike high).... or lead to profit taking..
Interesting times... can't hold positions over weekend but looking to see potential pullback before today's close.... due to uncertainty(?) of outcome.......
See charts in earlier post... I got the initial move right ...but the joy was fleeting ........c'est la vie ..
Hook Shot said:http://www.futuresource.com/charts/charts.jsp?s=EUJYY&o=&a=V:60&z=650x450&d=MEDIUM&b=bar&st=
Euro/Yen motored to new highs after pullback.
Looking juicy as it should burn out (temp?) this week giving a 170+ slider... ?
Poss downside target 15800 or less.
Lets see
Hook Shot said:Hook Shot said:http://www.futuresource.com/charts/charts.jsp?s=EUJYY&o=&a=V:60&z=650x450&d=MEDIUM&b=bar&st=
Euro/Yen motored to new highs after pullback.
Looking juicy as it should burn out (temp?) this week giving a 170+ slider... ?
Poss downside target 15800 or less.
Lets see
Right on the money... so far hitting 158.00 this morning.....
not as sexy as cable but nice little mover
Hook Shot said:Right on the money... so far hitting 158.00 this morning.....
not as sexy as cable but nice little mover
These days it should be sexier than cable........ from top to bottom around 900pts
Like many markets that got hammered last week it will now be great fun applying retracment targets .... and seeing how many days they can rally out of the abyss...
Ranges everywhere are fat once more YYYYYYESSSSSS ! :cheesy:
Here we go again
http://www.futuresource.com/charts/charts.jsp?s=EUJYY&o=&a=V:60&z=650x450&d=MEDIUM&b=bar&st=
Euro/Yen motoring to new recovery highs after pullback.
Looking juicy as it should burn out (temp?) soon .... magnitude unknown but should be 100+.
With Euro wobbling 157.00 might just be..........the ........
Lets see[/QUOTE]
To be honest the chart is a bit misleading......... try adjusting to daily view which includes the last 4/5wks slide and recovery - sorry.
http://www.futuresource.com/charts/charts.jsp?s=EUJYY&o=&a=V:60&z=650x450&d=MEDIUM&b=bar&st=
Euro/Yen motoring to new recovery highs after pullback.
Looking juicy as it should burn out (temp?) soon .... magnitude unknown but should be 100+.
With Euro wobbling 157.00 might just be..........the ........
Lets see
[/QUOTE]To be honest the chart is a bit misleading......... try adjusting to daily view which includes the last 4/5wks slide and recovery - sorry.
