EURJPY going long this week

So this is why I am looking at going long and trying to stay long on the EJ. As you can see from the 4hr chart, we broke the 4hr trend wall and we have new support created after a trend wall break (that is a confirmation of a trend change). We are also in and around an inner trend wall and one of my old lines around 125.09. If we can get above the 125 area then i think we may see this EJ take off. It can also turn around here and drop, so we have to be watchful off that too.

 

Looking at the Day chart, the last resistance that we saw was 126.90 area. If we breach this area then we have MA’s  to hit , which will either cause it to turn around or stall, then off to the top of the Day trend wall.

Now keep it mind that it will go in a wave pattern until it gets there. With that in mind I will go a lil heavier on breakouts topside, buy the stops and leave them until we get a trend change (or stopped out, lol).

Looking at AUDJPY

So I am looking at the AUDJPY with levels between 80.00 and 79.69. It broke out below 79.69 earlier today and to took a quick 25 pips on it. Then it went back into the channel. I am going to set Euodoo on these channel lines with the expectation of it break up above 80.00. I think it will break topside because a few indicators that I use say that we are not done moving up. In fact if you look at the day chart you will see that we have a few moving avg that it may need to get to before we see the AUDJPY continues its downward trend.

80.00 has been a strong area, mainly because we have the 100 MA right there that could be holding this down also. Either way, lets see if we can make a good trade out of these area’s before the weekend.

Journaling is for the birds!

OOOO no it ain’t!!! I got a chance to realize how important journaling is while I trained for my first triathlon last year. I took all the steps needed. I got me a coach that taught me the proper way to swim, bike and run. There is a science behind all three and doing them efficiently, and I needed a professional to show me the RIGHT way to do them, so I got one. Wasn’t cheap either, was paying about $400 a month. We met once a month to train together for an hour, I had unlimited email access to her and she scheduled all my training. She was able to look at my JOURNAL that I had to keep online and could see if I worked out at all, where I needed improvement, where I was excelling, etc.

Journaling does a few things. I think the most important thing is that it keeps you honest and on track. You can see exactly where your weaknesses are. In trading, we cannot afford to be weak. We LITERALLY cannot afford it. Every failed trade is a lesson. What did you learn from the mini seminar you just bought in that failed trade? You better have learned something, if not the situation can happen to you again and again and again, and each time you could be sitting scratching your head wondering “What happened?”

The other day I posted the lesson I learned about closing the Eurjpy to soon. I lost money unnecessarily. I wrote about it in blog, in my journal and I even talked about it to my Mentor. (Yes even I have a Mentor/Coach) What did I learn, “Don’t break my own stinking rule!” I know I will remember that lesson because it 1.) Cost me money and 2.) I put it in my journal. I will grow from it, I will TRY not to make that mistake again and I hope someone else has learned from it too.

So what do we have in store for you guys? Coaches, Mentors, Journals and a lot more. Trading is just like a triathlon. Its just you out there on the course, but you have the knowledge of your Coach, your Mentor and your personal Journal in your head the whole time giving you the right information to be an efficient and effective trader (or triathlete).

Yes, I finished the race with a better time then I expected, but I know there was no way I could have done it with out the right help. We all will benefit from this community because “The Right Help” will be at your finger tips. It will be up to you to use them.

PipTee

EURJPY, Going Short

So here we are looking at the Week chart of the EURJPY. If you have been able to join us on the webinar's, you will know how I like consolidation channels. WEll, the EURJPY has been on a channel for about a year. When ever I trade a breakout of a channel, I look for a candle open outside of the consolidated area, and we got that this week. As you see to when it opend outside of this channel, it surged all the way up and tapped what used to be our support. (Remember: Support becomes Resistance)

So it surged up there, tapped it and dropped. Euodoo was able to get us in on the retracement and if you where able to hold on you would have two entries, one at 126.42 and another at 125.92. As I am typing this the EURJPY is droppin and is at 124.69.

Entry #1: up 173 pips

Entry #2: up 123 pips

Totaling: 296 pips

HOW AWESOME IS THAT????

Now that we know we have broken a 1 year channel, I will be looking for more short entries then long and will probably set the Euodoo to get me in short positions adding to the entries that we have now. So stay tuned to @Euodoo for levels as they present themselves.

FYI, My long term target is in the 112 area for the EURJPY.