EUR/JPY daytrading: I’ve had enough

It seemed like a good idea to go long this morning but despite the favourable Greek poll results, the verbal intervention from Azumi, and some sizeable buying flows, EUR/JPY has been unable to rise. I’ve taken a 4 pip loss and will leave the daytrading to you experts (so now it can finally go up!)

7 Comments

  1. Sean, first you must learn patients. Ya ya, how long will that take? Seriously you can day trade like a pro. Just imagine a moving pendulum and make long and short trades between and keep emotions out, all reason in and turn the news down. Watch support and resistance and always assumed you will be wrong and that way mistakes can be undone small. Trade larger than usual positions and never second guess yourself. Complacency and indifference is the key to failure. Persistence and determination is the key to success. :D

  2. Hi Sean,
    Why is it happens that when We put a s/l it hits and achieves d t/p gradually !!!
    When we dont put a s/l it falls in big losses and end up in waste of time !!

    At times mkt ignores the news , funda and technical…n everything !
    It seems like fool’s paradise ….

  3. Sean, I definitely can empathize with you regarding how infuriatingly trying it often is to daytrade. In your “trade ideas” post of last week, I posted a trade idea of shorting Gbp/Usd @ 1.62 — well, if only I had taken my own advice….ah well, that’s how it goes sometimes:/.

  4. buy eur/usd and look for a close within a week around 1.29. The upside potential is very good right now.

  5. i agree with tore, although we have to wait and see whether 2600 level will hold as it might make a new low in the 25xx. that being said, re. e/j, sean, take a look at the daily/weekly charts. there is a massive gartley 222 buy under formation. left wing is about complete, now we are waiting for the right wing to form. IF it does ;-), e/j will retrace up before the next fall, and after that fall, it’ll be long again, which would match what george wannabe has been posting re rate differentials becoming more and more favorable towards the euro: http://www.macrowonders.com/main/2012/5/10/john-paulson-hugh-hendry-john-taylor-and-others-are-wrong-th.html

  6. picked up 102 pips today on a 11 hour long trade on eur.usd. I had a short term target of 127.775. eur.usd should pull back to about 1.2715 next before a potential for a run towards the 200 hour SMA would be possible. On these types of short term trades – if I see a sharp sudden move I’ll take it and buy the dips. Plus it means not holding through this particular weekend with the g8.

  7. Sean, you must not forget that central banks usually intervene during week-ends. So if Azumi’s remarks were the basis for your trade, you should not have expected EURJPY to rise significantly until Sunday night/Monday morning.

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