Short EURJPY: Try again at 111.08, SL 111.23. Update: Stopped out.

16.40 hrs.

Trying the short EURJPY trade again. Hesitated a little and saw the price drop from 111.13 to 111.07 in a few seconds.

Short $480/pip EURJPY at 111.08 with a very tight stop at 111.23.

Update 17.40 hrs. Stopped out at 111.23 for -15 pips, -3.2%.

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6 thoughts on “Short EURJPY: Try again at 111.08, SL 111.23. Update: Stopped out.

  1. Daniel

    Any particular reason for the trade? We have already got the buy the rumour sell the fact on Monday and the gap has been completely filled so I just want to understand why. Is the signal generated by your system? IMHO the stronger resistance would be 111.50, even it would probably be good for 50 pips scalp. Of course your own trade your own money and all the best =)

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    1. ZenFXTrader

      Hi DAniel,

      A combination of reasons, although my system has not generated a short signal. The main reasons I expect a retracement here is that the BoJ meeting on Thursday is likely to disappoint the Yen bears and the chart resistance near 111.45. And the other reason is that usually the market makes an extreme just as London is closing, and the re-tracement begins around this time. I also didn’t expect the market to be so active so close to Christmas!

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      1. Daniel

        Didn’t happen on Friday, so I think the pattern will only be repeated in the new year. I am not sure with your long AU, not rallying when everything rally.

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      2. ZenFXTrader

        Yes, the AUD behaviour is extremely strange. I’ve never seen it have such narrow range days for so long. Range is only 43 pips today, with the other pairs breaking new levels. I was very tempted to close it earlier today, but have left it open for now, at least it collects good interest on the long position!

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    2. Daniel

      I for sure will not short AU until it breaks the ascending trend line at 10490/10510 ish. But if you don’t get stopped out, and it makes another attempt at 10560/70 and it failed to close hourly above again, I will consider reduce position if you can at near BE. If it manage to close above, 10620 is on the card. All the very best.

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      1. ZenFXTrader

        My system would also generate a sell signal if the AUD breaks 1.0510. But in the past 2 months the AUD has broken several ‘lines’ ‘formations’ and key support/resistance levels without follow through. The pair will definitely wake up again and make big moves at some point, but we can’t tell when!

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