Tag: EURJPY Analysis

Calling all Swing Traders, you are going to like this

Most of you already know I like to trade the swings of the market, and in order to successfully trade the swings of the market, you first need to identify the possible swings, right?

So I’d say that the analysis we make is almost as important as the entry (or even more important). Do you agree with me?

Anyway, earlier this morning, when I pulled up the EURJPY this is what I found:

EURJPY

EURJPY Analysis, forex, swing traders

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Just trading the range in the EURJPY… easy enough?

Sometimes trading it’s as easy or as difficult as you want it to be.

If you try to trade the most complicated currency pairs, it’s going to be difficult, and by complicated currency pairs I mean pairs that have no clear support and resistance levels, the market is no clear enough, you have absolutely no idea what the market is up to, etc.

On the other hand, you can trade currency pairs that have clear support and resistance levels, of course you’ll never be certain what the market is going to do, but there are times when you know what the market is likely to do, and that my friend, is what we are after.

Take a look at this chart:

EURJPY Analysis, forex

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Here is my plan for the EURJPY

I wasn’t trading the EURJPY in the last weeks because it traded in not very well defined range (a little bit like the EURUSD range), but it looks like it is out of the range (finally).

Here is the chart:

 

So my trading plan is:

Wait for a small retracement, and if the market forms a significant pattern with upward pressure around the support level, I’ll go long.

What do you think about my EURJPY plan?

Cheers,

EURJPY Analysis, forex

Slow market… but here is my trade

What do you think about the market in the first two days of the week?

It has been slow!!! Very slow..

Could it be that traders are waiting for the EU economic summit due this Thursday? Mmm…

Anyway, one of the few currencies that I’m monitoring this week is the EURJPY. It’s clear that it is in a bullish condition. Even with the retracement we saw yesterday, I still think it has a plenty of bullish potential.

I decided to trade it because it got rejected from the bottom of the range:

EURJPY Analysis, forex

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Not much action today huh?

Yeah I know… Banks were closed today in the US, so not much liquidity and most traders are waiting for tomorrow to open their trades (at least that’s what I’m doing).

One of the currency pairs I’ll be focusing tomorrow is the EURJPY:

I’d like to see the EURJPY retracing back to the main ST support level around 104.66 and if I get upward pressure around this level I’ll be going long!

What do you think about the EURJPY? Did you trade today? Let me know.

Good trading!

Raul Lopez
Forex coaching!

EURJPY Analysis, forex

EURJPY long signal

What do you think about the EURJPY? I think it is trading in a very clear bullish condition. Last week it traded in a short term range (around a LT level) and earlier this morning it broke through the top of the range triggering a bullish market condition:

Details:

Entry: 102.03
SL: 101.65
TP: 106.95

The risk reward ratio it’s pretty large on this trade, more than 10:1… If it continues to move in my direction I’m going to trail my stop.

What do you think of this trade?

Trade Safe!

Raul Lopez
Forex Training

EURJPY Analysis, forex

EURJPY – Finally broke the range, heading down

The EURJPY traded for a while in between 117.73 and 113.78, but earlier this morning it broke through the lower extreme of the range triggering a bearish market condition:

The EURJPY is likely to continue its way down until it reaches the next LT support level around 111.49.

My trading plan: as long as it trades below 111.60 I’ll continue to look for short opportunities.

Trade Safe!

Rau Lopez
Forex Training

EURJPY Analysis

GBPAUD and EURJPY Trade Update

Both of my trades are closed…

GBPAUD  – Decided to close it early today as per my trade management rules (it didnt broke the ST support level before the NFP announcement). Total: +113 pips

EURJPY – Decided to close both trades at 119.72 (24 pips away from my TP order). First trade: +381 pips, second trade +276. Total: 657 pips.

I decided to close the EURJPY as it was about 20 pips from my TP order and I’m not going to be able to monitor my trades for the rest of the day, its not worth it to hold your trade over the weekend for 20 pips…

Have a great weekend!

Raul Lopez

Forex Taining

EURJPY Analysis, GBPAUD Analysis

My Trades and NFP

As you already know, the Non-farm Payrolls report is released tomorrow, it is the most important fundamental announcement, at least is the one that has the most impact in the market (or used to have the most impact). But I have noticed in the last months (even years) that the market doesn’t react to this announcement as it used to react. In these last months, the market spikes up, then down and at the end, it ends up where it was before the announcement…

So this is my plan for my trades:

EURJPY Trades

I have two longs here: 115.91 and 116.96 (currently at +160 and +55 pips respectively). Both of my SL orders are at 116.54.

If it breaks the 117.89 level up, I will hold my trades during the NFP announcement and will move my SL to 116.85 on both trades. If it doesn’t break the 117.89 level up I will close my trades before the announcement.

GBPAUD Trade

I have a short at 1.5616 (currently at +110 pips), and my SL order is at 1.5662

If it breaks the 1.5478 level down, I will hold my trade during the NFP announcement and will move my SL to 1.5586. If it doesn’t break it, I’ll close my trade.

We need to take in consideration that the NFP always has the potential to have a large impact in the Forex market, especially if the released number differs a lot from the expected one. We’ll see what happens.

Trade Safe and good luck with your trades.

What do you do? Do you keep your trades open during the NFP announcement?

Raul Lopez
Forex Training

EURJPY Analysis, GBPAUD Analysis