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Close Open Orders: 2008-08-05 14:25

Shortly after I posted my thoughts on EUR/JPY, the pair fell hard and fast without looking back. There was no retracement to hit my short orders, and with the pair now trading around 167.00 I have decided to close my open orders.

Closed open short orders. No trade.

A bit frustrating as it was a perfect setup and a quick profit, but what are ya gonna do, right??? Time to move on and look for the next setup. Stay tuned!

Trade Idea: 2008-08-04 20:25

crosseyed chart

Got a nice little chart set up I’d like to share with ya on EUR/JPY! We have channeling price action on the 4hr chart and it looks like sellers may jumping back in at the top. Time to short again?

On the chart, we can see the pair trending lower, and with stochastics hitting overbought levels as the pair trades around the top of the channel, this may be a great time to short. Also, we have hidden bearish divergence as the pair makes lower “lows” which the stochastic indicator makes a higher “high.” This often indicates and continuation move lower.

With little in the way of news events for the upcoming trading session, price action may be guided by technicals, probably up until we see possible volatility in the upcoming US session. The pair has drifted a bit lower as I write this, so I am going to see if we get a bit of a pullback higher before jumping in short.

Short EUR/JPY at 168.65, stop at 169.30, pt1 at 168.00, pt2 at 167.15

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

Stay tuned for updates and adjustments. Good luck!

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