All the trades opened yesterday are now comfortably in profit. I have set trailing stops at little over B-E in all of them – I like to give my trades plenty of room, hence my trailing stops are never tight.
This means that my capital is now free for additional trades and I see a good opportunity in EURJPY. The EURUSD has just broken above last week’s high – this indicates a likely move to at least 1.3120 in the next few sessions. With USDJPY remaining well bid this implies EURJPY could well go to 132 -133. I recall a chart analysis I’d done last November or December which came up with the long term target of 133. It sounded completely crazy at that time – we were just struggling to break out of 103-105. But now here we are, just a few months later, knocking on that impossible target.
Long $30/pip EURJPY at 129.76. SL 129.10.