TradeJuice's Trading Journal

[TradeJuiceFX]

Hi everyone,

My name is Wesley and I've been trading Forex for the last 6 years or so. I trade using Technical Analysis and mainly on the EURJPY pair so I hope to meet with other traders and share ideas.

I also intend to post my daily analysis and live trades here on this thread and maybe help out a newbie or two where possible.

Anyway, all the best to everyone and good trading!

 

[jjim88]

I also trade this. Currently lon with expected resistance at 103 and suppt around 101. Ultimately my target is 108.5 or thereabouts.

Would be interested in hearing your view..

 

[TradeJuiceFX]

Euro Advances But Many Hurdles Lie Ahead

The Euro advanced on what many analysts believe to be relief over the Greek parliament vote to approve new austerity measures. Greece is not in the clear just yet.

Euro Zone finance ministers will meet on Wednesday to listen to Greece explain how this year's total budget cuts will be achieved before it agrees to the bailout deal.

Meanwhile, the Bank of Japan unexpectedly announced further stimulus measures in order to bolster the country's economy on Tuesday which saw the Yen weaken.

News Watch For EURJPY

There were three High Impact news releases for the Japanese Yen today and just one for the Euro which have already been completed so the market has since stabilized.

The main event to watch out for over the next few days will be the Euro Zone meeting on Wednesday.

EURJPY Analysis

I got a valid entry signal for a Sell trade late on yesterday so I entered to the short side and was able to exit with some profit. Take a look at the chart below:

I entered the sell trade at 102.123 and placed my initial target 40 pips away. The was a little bit of slippage but I managed to close half the order when price reached the 101.954 level (approximately half the profit target).

Price was moving pretty quickly at this point so I moved my stop loss to breakeven right away and was effectively in a free trade.

I was taken out at breakeven not long afterwards but I managed to bag at least half the profit.

As it turned out, price moved up strongly so at the moment, while there are no clear signals forming, I'm keeping an eye on the 103.300 area.

We could see price react around this level. As price approaches this area, it may either break through it or bounce off it, so I'll be looking for a signal around this region.

For now though, we'll have to be patient and see how it plays out. All the best!

Happy trading!

 

[TradeJuiceFX]

Thank you admin, looks like the posting problem has been resolved!

 

[TradeJuiceFX]

Yen Under Pressure While Euro Remains Resilient

Hi friends, I had to travel for a few days so missed posting my updates here over the last few days. Anyway, I'm back in town so here's my piece for today:

The Japanese Yen dropped to a new 7-month low against the US Dollar, while the Euro remained strong amidst fears of slipping into recession.

Key support levels continue to give way which in turn encourages more Yen selling. As a result, the Euro rose to a 3-month high against the Yen.

News Watch For EURJPY

German Ifo Business Climate data was released earlier today. Data was better than forecast which means more good news for the Euro. There are no further news releases scheduled for the EURJPY pair this week.

EURJPY Analysis

I've been tracking Regular Bearish Divergence on my charts but with the Euro showing some unusual strength, the entry remains elusive. Take a look at the chart below:

You can see that price is hovering around the upper Bullish channel trendline, while the Regular Bearish Divergence pattern remains intact. The breakout of the black, dashed trendline occurred outside my trading hours but we can use this as a trigger for a more conservative entry.

Price has since retreated and went on to form a new High. So, if the Regular Bearish Divergence pattern holds firm, and price breaks out and closes below the low of the breakout candle (red, dashed vertical line), we may enter a sell position.

Potential targets include the 105.700 level and the previous Swing Lows.

For a more aggressive entry, insert a new trendline across the Swing Lows and consider any closes below these lines as potential trigger levels.

We'll have to wait and see how it plays out for now, so be safe out there. All the best!

Happy trading
Wesley