FOREX Trade Setup - EURO YEN

@fxfriski (209)
Singapore
March 1, 2007 10:32pm CST
Disclaimer: This is not trade recommendation, it's just a general discussion. I didn't trade this myself, so anyone who wishes to go ahead do it at your own risk. The carry traders has been taking a beating recently, but I am still optimistic about it. Scanning the pairs, I believe that the Euro Yen is most likely to rebound, if it doesn't... oh well... As of time of writing 0426 GMT, the RSI is hovering around 29.59. I am waiting for the RSI to give me the green light which is about 30~35. I am going to place 3 limit orders, stop loss at 154.66, at the price 155.31, the first lot will exit at around 155.87, the remaining lots will have their stop loss moved to break even. The second lot will exit at 157.04 and the last lot will have it's Stop loss moved to 155.87 The last lot will exit at 158.59. I know it's abit far fetch... but hey I'm greedy! So what do you think of this trade setup, what can be refined further to make it better?
2 responses
liming
@liming (114)
• China
2 Mar 07
When the Euro/Yen price varied in the small range, it may break through the range upwards first and turn downwards quickly. In forex market, anything can happen. Cross-pair is more difficult to operate than direct-pair(?,USD to other currency).
1 person likes this
fxfriski
@fxfriski (209)
• Singapore
2 Mar 07
From my own observations and Kathy Lien's observation, crosses are more stable compared to majors. Exotics are the worst imho.
liming
@liming (114)
• China
2 Mar 07
I just logged in mylot several minutes ago. It's difficult to guess "bottom". In fact, it seems Euro/Yen just in falling middle way(in hourly chart). After the formation of bottom(double bottom/head-shoulder bottom), the winning probability will be higher.
1 person likes this
fxfriski
@fxfriski (209)
• Singapore
2 Mar 07
myLot is really bad place to discuss trade setups... it is long over before someone answers. It's impossible for me to guess where the "bottom" is, it just looks like it might retrace. Based on the trade setup, I didn't enter the market as the limit order was never triggered. Yes the Euro Yen has decide to unwind further, even as we speak it is at a multi year support/resistance.