Cross-Eyeing EUR/JPY – Trade Closed

Trade Closed: 2008-06-03 10:03

EUR/JPY hit 162.00 during the afternoon Asia trading session. We moved our stop down to 163.00 to lock in profits and in hopes to catch a further move, but the pair found a bid as soon as the European trading session opened up. Our remaining position was stopped out and closed out with a profit.

1st Half: +135 pips
2nd Half: +100 pips
Total: +0.87% gain

Trade Update: 2008-06-02 17:13

Our trade has hit the first profit target today at 162.65 and we locked in +135 pips on half a position. We have moved our stop on the remaining position to breakeven at 164.00. I’d like to continue to target 160.00 and if we hit 162.00, I will move the stop to 163.00 and trail by 100 pips from there.

Should be a volatile week with all the data coming out, especially on Friday, so stay tuned for updates and quick adjustments. Good luck and good trading!

Trade Update: 2008-05-29 09:40

Our trade was triggered last night and after a brief stint above 164.00, EUR/JPY has dropped a few notches lower to its current trading level around 163.40.

So, we’re about +50 pips in profit, thanks to broad based Euro weakness and hawkish commentary from Fed officials. We will continue to hold onto this trade, but stay tuned for updates and adjustments.

Trade Idea: 2008-05-28 17:44

crosseyed chart

Greetings fellow currency junkies! We have got a short trade opportunity on EUR/JPY as the pair tests a falling trendline on the Daily chart.

On the chart, we can see the pair finding resistance at the falling trendline, in which it is currently testing. Also, stochastics are indicating the move from 159.00 to 164.00 may be running out of steam.

The pair has risen recently as risk appetites rise as commodities, specifically oil, takes a hit. Equities and carry trades (like long EUR/JPY) have risen on this volatility, but will it last? If not, are traders ready to jump back long into the Japanese Yen at the trendline? We’ll have to see and with much event risk coming out this week for both the Euro and the Yen, there may be enough interest to push the pair one way or another.

I like a short play for now on the technical setup.

Short EUR/JPY AT 164.00, stop at 165.35, pt1 at 162.65, pt2 at 160.00

Remember to never risk more than 1% of your account on any single trade. Adjust position sizes accordingly.

Stay tuned, good luck and good trading!

  • johngiscombe

    um,hey.sup cross.im new in the forex biz but i am really anxious to strat. i really wanted someone who could sorts mentor me.i have a practice account but i cant understand some of the things on it.can you help me?thanks.my email address is johngiscombe@hotmail.com

  • johngiscombe

    o by the way, i am 17 ans still in school but i am interested in buisness and i think forex trade is the way to start

  • aimermoi

    john,
    There is so much to learn about forex……. You have to start learning a little bit of the time.

    Also, don’t think that “forex is the way to start”. It is a tough business.

  • johngiscombe

    um,hey.sup cross.im new in the forex biz but i am really anxious to strat. i really wanted someone who could sorts mentor me.i have a practice account but i cant understand some of the things on it.can you help me?thanks.my email address is johngiscombe@hotmail.com

  • johngiscombe

    o by the way, i am 17 ans still in school but i am interested in buisness and i think forex trade is the way to start

  • aimermoi

    john,
    There is so much to learn about forex……. You have to start learning a little bit of the time.

    Also, don’t think that “forex is the way to start”. It is a tough business.

  • SittingBull

    Good observation, i think pt1 shoud be equal to pt2 or a trailing stop can be useful, there could be a big move.

  • demontez

    Hello Cyclopip,
    Have our position filled on this trade?If not i am in the process of entering now short as it seems the stochastic is going down south on this trade.

  • SittingBull

    Good observation, i think pt1 shoud be equal to pt2 or a trailing stop can be useful, there could be a big move.

  • pip1108

    hmm i entered my 104 limit but it never executed..

  • demontez

    Hello Cyclopip,
    Have our position filled on this trade?If not i am in the process of entering now short as it seems the stochastic is going down south on this trade.

  • pip1108

    hmm i entered my 104 limit but it never executed..

  • demontez

    cyclopip,
    why do we have such a large stop loss on this trade? you are talking asbout 135points from entry. the outlook tomorrow does not look to push down the pair to the first target as the news on the japan economy is going to be bad followed by a favourable news for the Euro. So i am very sceptical on this trade but i am still keeping an eye out.A good trade such not have more than 60points from entry.Just airing my view.

  • demontez

    cyclopip,
    why do we have such a large stop loss on this trade? you are talking asbout 135points from entry. the outlook tomorrow does not look to push down the pair to the first target as the news on the japan economy is going to be bad followed by a favourable news for the Euro. So i am very sceptical on this trade but i am still keeping an eye out.A good trade such not have more than 60points from entry.Just airing my view.

  • cyclopip

    I’m looking for a longer term move of about 400 pips, which is why a stop of 135 pips. I reduced my position size in order to stay within my risk comfort level… Again, this trade is based mostly on the technical setup of the trendline and stochastic… nice and simple

  • stantony1

    I think the wide stop loss is to account for the time frame being traded. He’s got a daily chart going up there.

    I agree with his idea but if you want to drill in the time frame, then you should adjust those take profit levels to match.

  • cyclopip

    I’m looking for a longer term move of about 400 pips, which is why a stop of 135 pips. I reduced my position size in order to stay within my risk comfort level… Again, this trade is based mostly on the technical setup of the trendline and stochastic… nice and simple

  • stantony1

    I think the wide stop loss is to account for the time frame being traded. He’s got a daily chart going up there.

    I agree with his idea but if you want to drill in the time frame, then you should adjust those take profit levels to match.

  • demontez

    Hello Cyclopip,
    You have done it again. First target has been hit on this trade. I will never doubt your analysis again. Unfortunately i closed my position on friday on this trade when the bulls came out pushing the price above our entry level.Hopefully i should be in on the second profit target.if it does that???

  • kdogguppal

    Hi – do you add a trialing stop to your trades once the first lot has hit our TP? If so how many PIPS

    Thanks!

  • demontez

    Hello Cyclopip,
    You have done it again. First target has been hit on this trade. I will never doubt your analysis again. Unfortunately i closed my position on friday on this trade when the bulls came out pushing the price above our entry level.Hopefully i should be in on the second profit target.if it does that???

  • cyclopip

    thanks for the comments everyone! demontez, you should doubt all of my ideas… hehe… what I mean is no trader is perfect or right 100% of the time (if anyone knows a trader who is never wrong then can you email me his/her number, please! haha)… remember the final decision to pull the trigger is yours, so be careful on how you develop your own trade plan…. i’m just here to throw ideas around and get everyone communicating their views… good luck everyone…

  • kdogguppal

    Hi – do you add a trialing stop to your trades once the first lot has hit our TP? If so how many PIPS

    Thanks!

  • demontez

    cyclopip,
    so what do u suggest about the trade since it has hit the first target , do we adjust the stop loss and by how many points

  • cyclopip

    thanks for the comments everyone! demontez, you should doubt all of my ideas… hehe… what I mean is no trader is perfect or right 100% of the time (if anyone knows a trader who is never wrong then can you email me his/her number, please! haha)… remember the final decision to pull the trigger is yours, so be careful on how you develop your own trade plan…. i’m just here to throw ideas around and get everyone communicating their views… good luck everyone…

  • demontez

    cyclopip,
    so what do u suggest about the trade since it has hit the first target , do we adjust the stop loss and by how many points

  • cyclopip

    Check the update at the top I posted last night!

  • demontez

    Cyclopip,
    My stop has been hit just now when i reduced the stop level to 163.00. It seems the bulls have taken over the show today pushing the pair up. What are you views? Is there still hope for this trade???

  • cyclopip

    Hey demotez… yeah, we got closed out at 163.00, so we got 100 pips on the remaining position… not bad. Gotta roll with what the market gives us, but I still like a short on this pair in the long term as the markets continues to fix itself…

  • SittingBull

    I’m still holding my short..

  • cyclopip

    Check the update at the top I posted last night!

  • demontez

    Cyclopip,
    i will wait on your next blog because i got into this trade very late and ended up loosing out on the first target. The trend went against me during the european open. But that is trade : you win some and loose some. Well done to everyone who took some profit off the table.
    Well done cyclopip – you are the man!!!!

  • demontez

    Cyclopip,
    My stop has been hit just now when i reduced the stop level to 163.00. It seems the bulls have taken over the show today pushing the pair up. What are you views? Is there still hope for this trade???

  • SittingBull

    why did you got into this trade so lately?

  • cyclopip

    Hey demotez… yeah, we got closed out at 163.00, so we got 100 pips on the remaining position… not bad. Gotta roll with what the market gives us, but I still like a short on this pair in the long term as the markets continues to fix itself…

  • SittingBull

    I’m still holding my short..

  • demontez

    Cyclopip,
    i will wait on your next blog because i got into this trade very late and ended up loosing out on the first target. The trend went against me during the european open. But that is trade : you win some and loose some. Well done to everyone who took some profit off the table.
    Well done cyclopip – you are the man!!!!

  • SittingBull

    why did you got into this trade so lately?

  • adiefu

    good evening, l really enjoy your posts. it has been interesting and educative.l have been into forex trading for a while now.
    well, l just want to comment on a potential trade that l am yet to see a post on. l mean the EUR/JPY pair which is ready to short for the week though it has been ranging. l have taken a sell stop at 168.98

    pls can any body post a comment on any potential risk about my intending position. thanks. ADIEFU

  • adiefu

    good evening, l really enjoy your posts. it has been interesting and educative.l have been into forex trading for a while now.
    well, l just want to comment on a potential trade that l am yet to see a post on. l mean the EUR/JPY pair which is ready to short for the week though it has been ranging. l have taken a sell stop at 168.98

    pls can any body post a comment on any potential risk about my intending position. thanks. ADIEFU

  • Christopher

    Its great blog.I really enjoyed a lot.
    Baby Gear

  • Christopher

    Its great blog.I really enjoyed a lot.
    Baby Gear

  • FXraves

    Your post here is really good . Very informative. Forex Market is really growing rapidly. And I do also want to share one of the best link to forexsuccessformula.com ”>Forex Trading Blog

    Thanks
    I will be visiting this blog more often now:)

  • FXraves

    Your post here is really good . Very informative. Forex Market is really growing rapidly. And I do also want to share one of the best link to forexsuccessformula.com ”>Forex Trading Blog

    Thanks
    I will be visiting this blog more often now:)