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Wednesday, 31 March 2010

update on EURJPY

Looking at my EJ chart this morning, the overnight price has pretty much moved sideways still at the 125.00 level. A core swing setup has developed and triggered long, so currently Scenario 3 is looking like it is going to play out...but...having looked back at the chart for the previous time price was at this level, when price did ultimately make what turned out to be a false breakout of the 125.00 level, it moved to 126.00 area before coming back under 125.00.

So with that in mind, I have ammended my view on scenario 3 targets. If this does turn out to be a false break out, I am removing 2/3rds of my swing trade at T1, which for me is entry +50, as the 2nd swing target would be just past the 126.00 area. So the last part of my trade can have the stop moved to B/E, then see where it goes.

Summary
Entry long based of my FurQuad Core setup.

T1 = +50points then move stop on last part to entry

Remaining part of trade open to see if it can reach T2 or T3.

2nd update

I can't tell you how chuffed I am that my analysis seems to be paying off on this pair.

Price has moved as I wanted in the above update, and I now have my last 3rd of my swing position open, and stop at entry.

It might not be the highest pip count i've had, but it's by far and away the best trade I've ever made in my life, for the simple fact I analysed the chart, and gave my self 3 solid options of what could happen, and as a result it was the most relaxed trade I think I've made.

I big turning point for me in my trading. It feeds my confidence in being able to do something that only a few weeks ago thought was about as likely to happen as me waking up and being able to speak Mandarin.

Fingers crossed this wasn't a fluke

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