Disclaimer: This is my trading experience, it is not an invite or recommendation to trade.
Remember -Never risk more than 2% of your balance on a single trade. And If you are a beginner 1%. -A Single or few trades result is not important. Whats important is the net return at the end of the month, quarter and year.
Big drop right now, do you believe its worth keeping it up? It will reverse up?
BiBiForex
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agree
popshvt
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hey.. i just saw your another idea to short usdjpy, but i am just wondering it seems contradictory gold will rise because usdjpy is coming down, but if that is the case eurjpy should fall(gold and eurjpy always go reverse), would you mind to tell me how you look on it? thanks!!
Technician
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@popshvt, It is true that there is a negative correlation between eurjpy and gold, but it is not the exact inverse. It is around 80% negative correlation. So in the very short term the moves can vary.
@Technician, Indeed, I think you're pretty much right on a several weeks time frame. For next couple of days EURJPY has to digest last week's hefty rise but also uncertainty with its local competitor, Bitcoin. As gold is expected to carry own with its fall. EURJPY should rise again in the beginning of August. I can't see the YEN becoming stronger in a near future. Unless BTC collapses after 1st Aug (which I doubt). This gives us a term for falling/staling YEN: two weeks top. then we will see.
Trader-Mick
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Great! analysis!
BluePipSquad
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That does look like a pretty nice trade idea. What was your exact entry signal? Was it the stochastic crossover? Also, I assume that you are planning to hold over the weekend, yes?