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Monday, June 9, 2008

Currency Trading Euro vs Yen, EURJPY 10:25PM June 09 2008

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After closing EUR/USD, I have moved capital to work in another pair. I am shorting EUR/JPY. I made some pips on it last evening, and also lost few pips, but since I had closed an earlier position for 80 pips or so, it was a good day overall.

I wish I was able to follow it today. I think it has topped for the short term in area of 167.

My current reading of it is that strong sellers in area of 167 to 167.50. Buyers to be tested at in area of 165.65. First resistance before heading to the strong selling is 166.60, but I do not expect this first resistance to be broken soon if any. Sellers are in control for the moment.

I am starting to enter but using only have of my usual intended size. I am scaling in as usual on bounce up. I just put 2/8 of the reduced size in area of 166.25, at around 10:2oPM.

Addendum: June 10: My analysis was precisely how EUR/JPY behaved. It stopped in resistance area of 166.60, and in support area of 165.60. I entered more on the way up, and covered my postion at 165.65. Great profits. Time now is 12:26PM. I will re-analyze it, and post my analysis and actions. But if I trade it today, it will be on the short side and at appropriate shorting places.

Happy trading

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Happy trading,


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