With all of the fairly positive news out of Europe regarding the economic recovery making relative progress. The EUR/JPY chart is suggesting a potential reversal back to the last 2-week up-trend. ECB are also trying to stoke the market with the worry over the falling price, which I think should help drive a reversal.
- Stochastic Oscillator is indicating an overbought market on the 4-hour chart
- MACD Histogram is starting to retreat back to the 0 line, indicating a pull to the bull-side
- 1HR chart is showing momentum on the buy side, but may retrace slightly whilst the price is moving upwards
- 1HR price is currently crossing the middle band 20MA
- 4HR MACD & Signal line very close to crossing
Placing this trade just prior to the US opening
- Stochastic Oscillator is indicating an overbought market on the 4-hour chart
- MACD Histogram is starting to retreat back to the 0 line, indicating a pull to the bull-side
- 1HR chart is showing momentum on the buy side, but may retrace slightly whilst the price is moving upwards
- 1HR price is currently crossing the middle band 20MA
- 4HR MACD & Signal line very close to crossing
Placing this trade just prior to the US opening
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I think I have been hit by another Stop Loss Hunt... I have re-entered the trade by cost-averaging a Long at 125.622