EURO / JPY Thursday 26th April 2012 16:29hrs

Euro / JPY

Price did not pull back enough to offer a good risk reward entry. I needed an entry at 107.15.
The pull back topped out at 107.03 (12 pips)

I have removed my order.

Chart below

I will update with the next strategy trade once it has been identified.

Regards

Scott

AUSSIE / JPY Update Thursday 26th April 2012 16:19hrs

Aussie / JPY

Price has moved down to a low of 83.54 (2.2%)

However positive news from the USA with "Pending home sales" expected at 1.2% increase actual 4.1% increase and "Unemployment Claims" expected at 374K actual 388K

This positive news has pushed equities higher and in turn weakened the YEN.

This weakened YEN has produced a pull back to the entry level and I have been stopped out at break even by the spread. High of 83.94 on the pull back.

Price is now back down in the 83.70's and I expect a retest of support at 82.95 without me.

Chart below.

 

Still nothing lost and I managed to nick 5 pips to cover some small expenses.

I will update when the next strategy trade develops.

Have a good evening

Regards

Scott

AUSSIE / JPY Update Thursday 26th April 2012 13:34hrs

Aussie / JPY

I have been triggered in to the trade and I have moved the stop to break even to eliminate the risk.

The target is in place at 82.95 for 5%.

Chart below

 

I will update later this evening on the progress of this position.

Regards

Scott

AUSSIE / JPY Thursday 26th April 2012 12:07hrs

Aussie / JPY

This instrument has been trending down for the past 6 weeks.

Price has retraced to the 38.2% fib level of the ;last move down from a high of 88.60 to a low of 82.45

Chart below

 

Price has found resistance at 84.35 and a double top formation is in play.

Price has broken down through the averages and I am looking to enter short on a pull back to the averages with an overbought stochastic.

Entry levels and chart below

Entry: 83.95

Stop: 84.15

Target 82.95

Price has pulled back but the stochastic is still not at the correct level.

If this is the case I may hold off the short until I see confirmed resistance at my entry level.

I will update if and when a trade is entered.

Regards

Scott

Euro / JPY Thursday 26th April 2012 11:31hrs

Euro / JPY

This instrument has been trending down for the past 6 weeks. Price has pulled back 50% of the move from 111.40 high to a low of 104.60.

Chart below

Price has stalled at 107.60 and a triple top formation is in play.

Price has now broken down through the averages and I am looking to enter a short position with the main trend.

I will enter the trade on a pull back to the averages and fib level with an over bought stochastic.

I may need to adjust these levels as the morning progresses as the pullback is not yet confirmed

Entry and chart below.

Entry: 107.15

Stop: 107.40

Target: 105.90

I will update once the trade is triggered.

Regards

Scott

CAD / JPY Update Tuesday 24th April 2012 15:55hrs

CAD / JPY.

Price has been unable to maintain any downward momentum and I have been stopped at Break even.

Chart below

 

I am looking for the next strategy trade and will update once it has been identified.

Regards

Scott

USD / JPY Update Tuesday 24th April 2012 06:24hrs

USD / JPY

Price did not pull back far enough to allow a good risk reward entry.

My entry was at 81.35 and price only managed to get to 81.19

I have removed the order to open and will look for another strategy trade elsewhere.

Chart below

Regards

Scott