Eurjpy

[Chicklets]

RJ is now at a high that was reached a year ago, July 13, 2007. As seen on this weekly chart there is a large trading range that started at the end of november '07 at 151.27 and went all the way up to 168.67. So perhaps we should be looking for a shorting opportunity around this level of resistance.
attached is my weekly chart showing the range.
Any feedback would be welcome,:D

[Lifesong]

Hi Neal

Your daily update of today Jul 23 on EURJPY refers.

I agree to your view that the rollover trade is preferable, but what I need clarity on is that you said it could be heading back towards previous SL @ 165.50 or so. I take note that you said it could be and that you did not say it will, however what I need clarity on is that around 166.80 to 167.00 I notice a possible SK and prior SL also respected the 167 level. Is my observation incorrect and I agree that this beast/pair sometimes does it wants!!

Thanks in advance for your reply and this is more to learn from a great mentor!

Happy pipping

[FibMaster]

Hi Neal

Your daily update of today Jul 23 on EURJPY refers.

I agree to your view that the rollover trade is preferable, but what I need clarity on is that you said it could be heading back towards previous SL @ 165.50 or so. I take note that you said it could be and that you did not say it will, however what I need clarity on is that around 166.80 to 167.00 I notice a possible SK and prior SL also respected the 167 level. Is my observation incorrect and I agree that this beast/pair sometimes does it wants!!

Thanks in advance for your reply and this is more to learn from a great mentor!

Happy pipping


Hi Lifesong. I hope you can make it into our chat session tomorrow.

I don't see those SK levels, but that can be because we are looking at different time-frames, or our data is slightly different. Regardless, if there is a move down, there will be support at some point/s along the way.

I seriously doubt it could move that far without bouncing a bit. A bounce would be a good place to exit, and can set up a great re-entry too.

-Neal.