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Quick Short Here at the 133.90s, Then Long AgainNice 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 here at the 134.00, looking for some consolidation chop before getting back in long. Will then look for long signal for same targets called out last week: Target 1: 135.33 Target 2: 135.77
Short
by EURObull
5
Gorgeous Head and Shoulders Pattern FormingThe 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 this right shoulder. For now, to all those in control of this market, very nice artwork!
Long
by EURObull
6
Exited Short For 20 Pip Profit, and Now LongWhen 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 140.70 Please be cautious however, since EUR/JPY can decide at any moment to crack recent lows to clear long stops in/around the 133.90's to the 133.77's.
Long
by EURObull
Gap Up Stop RunAnyone short just got their stops run, if they were placed at the most recent swing high (top yellow arrow). We are now 100 pips from the 127.70 level we covered last week. Still looking for the market to get down there to flush out weak longs and clear stops from most recent swing low (bottom yellow arrow). Once down there, most likely consolidation will take place, unless they want to rip out stops and tear higher. If not, expect more slow churning upward grinding to take place. Still bullish overall, but short now because we know how the Big Boys play. Enjoy Today!
Short
by EURObull