Looking for a 5-wave long to complete within slanted yellow parallel lines drawn in last week, for finishing up the build on the right shoulder of the "gorgeous head and shoulders" pattern that is developing. Long now, looking for about 120 pips for wave 3 (in now). Pullback of about 50 pips, then long again for another 100ish pips. Yesterday was a record...
Current move up may stall up at/under 134.60 We have layered longs down to 133.75. Short-term long target is 134.57 , approximately 80 pips up from our current location.
Nice run up as EUR/JPY is holding the megaphone pattern nicely. Looking for a simple pullback here, short from the 133.70s, 80s, and 90s, and taking profits in the 133.55 to 133.60 area. **UPDATE 5/26/2015: our short had a target of 135.61 and we also had a limit long sitting at the 135.60. Grabbed 20ish pips on the short and over 40 on the long. Pulled the long...
Market has been sideways overnight, boring traders and luring in more short interest. Protective long stops under 5/24/2015 lows have been cleared. Looking for market to get up to our yellow (slanted) parallel lines. Also note bullish divergence on CCI (black lines), in coordination with current megaphone pattern. Target 1: 135.33 Target 2: 135.77
The right shoulder is now being "built" and is usually a bit lower than the left shoulder. Drew the parallel yellow lines as possible long targets and potential places to go short. Remember that the most recent EUR/JPY head and shoulders pattern was "broken" and a powerful long followed. This could also apply here as well. We will see how they continue to build...
Long bias still in place. Near-term target is 135.40. We could possibly hit this target, then come crashing down to the 133.90 area (the long activity here may be to take out too many accumulated short stops). Larger picture long targets of: 136, 137, and ultimately 140.77.
When we are hovering near lows and have not cracked down, with major news coming, it usually signals that too many traders are short. We exited our short positions with a nice 20 pip profit, and are now long from 134.52, looking for 135.40 as our initial target, as our long bias is still in place with larger picture targets of 136, 137, and ultimately...
Last night's sharp move down accomplished 3 things: 1.) shook off longs late to the party 2.) cleared protective long stops sitting under 5/13/2015 lows 3.) sucked in fresh shorts We are looking for EUR/JPY to get back up to 136, 137, and eventually 140.70. We are also expecting some slowing/chop as we get back to the 135 area.
There will be lots of longs and shorts as we continue upward, and this is our larger-term perspective of where EUR/JPY is headed. Near-term we expect a pullback before continued long action (could be shallow or deep). Next upside target is: 137.30 Big Picture Long Target (potential area for bearish reversal): 140.70 Let's have an awesome weekend!
Epic last 2 weeks of trading EUR/JPY. Our broken head and shoulders worked very well. We closed all long positions this morning in the 136.49 area. We are still bullish and are looking for upward targets of 137.00 and 137.30, and for now we see potential chop/pullback/slow trading as we are entering Friday's close. Congratulations to all who followed our trades,...
We have had a great run up. Outlook is still bullish, however, there may be a pullback/chop up here in the 136.49 area.
Looking for EUR/JPY to come back down to rest/test top of broken right shoulder. Short from 135.40, targeting 135.20 area Limit longs sitting in the 135.18 area. Long Target: 136.40
Right shoulder has now been broken to the upside, looking for pullback to test/rest on top of right shoulder, 135.10 area, as per yellow arrows. CCI holding on our 240 charts as well to support our continued long bias. Target: 136.40
Limit long triggered overnight at 135.05 and added to long down here at 134.67 CCI on our 240 chart still holding up. This looks like a flush out to chase out weak longs. Target: 136.40
Nice layered long, best fill got us just over 150 pips. Anticipating a little pullback/breather up here at the 135 area. Getting late here, might pass on a quick short...we'll see how this develops. Still looking for 136.40 long target after we asses current EUR/JPY behavior.
Yesterday's 135.00 target was hit perfectly overnight. EUR/JPY is looking like we are currently in wave 4 of 5-wave Elliott up move. We are not showing a true sell signal as of yet, so we are not shorting at this time. We will be on the lookout or a potential quick short, or re-entry long for our target of 136.00
Very clean H+S short setup here. EUR/JPY is building the right shoulder and once they chopped it around enough, should drop nicely, especially under the 133.70 should gain some great momentum. Targeting 132.92 for our shorts (about 100 pips from our current price levels)
We have a short setup here, with blow off tops and a nice divergence on CCI on our 1 hour chart. Target is 128.77, approximately 60 pips from our current price of 129.33. Cautious short because any strong bursts of buying will trigger more short covering and an intense price move up.