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EURJPY - Ending wedge offers a downside bias


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Technical

 

I am not a great fan of trading non-farm payrolls. I sometimes find you have the correct view, only to be ‘spiked out ‘of your trades on the initial move. This results in me having a far more flexible stop policy, something that goes my system (normally stop above or below trigger candles).

 

 I also ‘think’ that we will see a move lower in JPY crosses.  More in EURJPY and GBPJPY than USDJPY as EURUSD and GBPUSD both have limited upsides. Taken a very small short in EURJPY. It is only half a signal (two out of three of my set parameters)  

 

Monthly: Trend of lower highs comes in at 140.00. The most important factor here is the congestion zone all the back from 2003

 

Weekly: Traded to the highest level in 128 weeks. We have broken through the Fibonacci congestion zone. A weekly close to current levels will post a bullish outside week and lead to further buying. However, we are yet to close!!!

 

Intraday (two-hours) – The most important timeframe in this outlook:

  1. Close to a correction and exhaustion count (DeMARK)
  2. Ending wedge. Measured move 135.22
  3. Bearish outside candle on the one-hour chart.

ig eurjpy.png

 

In regards to the PIA analysis, no representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result.

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Hi

 

You have doing chart analysis with all these chart patterns etc.Most of this works only 30% of the time.If you would like to improve  your signals, I suggest you make the following additions to your analysis.

 

1)Add fundamental drivers  like interest rates expectations

2)Add correlated indices analysis because all indices are related,  if calling on ftse look at others like S and P, Nasdaq Dow and Dax 

3)Look at correlated pairs  like strength on eur /usd. usd jpy and also compare instrument strength like eurusd/eurgbp/eurjpy/eur cad  for eur strength, for usdjpy  see dollar USDJPY, cad CADJPY  , euro EURJPY and cable  GBPJPY. See link below to see how I trade Eurjpy

4)Give trade able option ideas like I have done  in some of the links below.

5)Keep to a few quality signals , otherwise you get a reputation

 

This is how to trade Eurjpy

 

https://community.ig.com/t5/FX-and-Cryptocurrency/Euryen-EURJPY/m-p/20059#M2564

 

Keep your t/a simple  K I S S Keep your trading so simple 

 

https://community.ig.com/t5/General-Trading-Strategy/K-I-S-S-Keep-your-trading-so-simple-profitable/m-p/21225#M1333

 

An example of a simple live advance call that made money so far.

 

https://community.ig.com/t5/FX-and-Cryptocurrency/Weekly-option-trade-USDJPY/m-p/21372#M2775

 

Real currency traders here

 

https://community.ig.com/t5/FX-and-Cryptocurrency/Greatest-currency-trades-using-options/m-p/21208#M2760

 

"Out of 250 signals  in a year, it comes down to fifty, 25 will be right and 25 will be wrong and you will lose a fortune and 25 will be right and you will make a fortune; for the other 200 signals-you should have been sitting on your hands."

 

Cut down the quanity.

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When was the trade triggered , what was stop , where are actual entry and exit  levels posted , There was a trade at 19.00 at 136.23 .That trade went 200 pips , 

 

A full trade should have been triggered yesterday evening, because yen gets stronger in crisis .I actually traded it and made money.There were technical set ups on usd jpy, eur/usd and eur jpy.

 

eur jpy  signal.jpg

 

 

eur jpyxxxx.jpg

 

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I can note that you only comment on the trades that we ‘don’t trigger’ or are wrong and never ON the profitable ideas. 

 

If you want to continue to ‘troll’ our trade views feel free. It is your energy you are expelling. We will no longer be commenting to your replies

 

Capture.PNG

 

Capture 1.PNG

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