The ending diagonal scenario unfolded nicely and price has now started to trend upwards, breaking the bounds of the ending diagonal. This should portend a strong upmove, and stronger equity markets should support the currency pair as well. It looks like a series of 1st and 2nd waves has formed thus far, so I would expect the Wave-ii of WaveII at 136 to hold. I will continue to trail my stop as the trade unfolds in my favor.10/13/2008
Trade # 25: EUR/JPY Long
I am long EUR/JPY from 133.00. My target is 141.50 or higher. My stop is currently at 136.00.
The ending diagonal scenario unfolded nicely and price has now started to trend upwards, breaking the bounds of the ending diagonal. This should portend a strong upmove, and stronger equity markets should support the currency pair as well. It looks like a series of 1st and 2nd waves has formed thus far, so I would expect the Wave-ii of WaveII at 136 to hold. I will continue to trail my stop as the trade unfolds in my favor.
The ending diagonal scenario unfolded nicely and price has now started to trend upwards, breaking the bounds of the ending diagonal. This should portend a strong upmove, and stronger equity markets should support the currency pair as well. It looks like a series of 1st and 2nd waves has formed thus far, so I would expect the Wave-ii of WaveII at 136 to hold. I will continue to trail my stop as the trade unfolds in my favor.
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