EJ is same chart as Eur AUD but with only one big move down. So I have been trying to decide if the EJ is double bottom and going up or accumulation to go lower. I took around 50 pips out when it came back up. Any ideas on EJ
Remember that just because it is the end of the cycle does not mean the next cycle cannot be up again. I don't think it hurts to sell up at the top as CJ said but keep tight stop. If you are right 2-3 hundred pips are in front of you. If you are wrong and it continues up then that much or more could be against you. If you set tight stop up above the previous high point then risk is little reward is great. Also watch out for a stop hunt and then goes your way. If vol. is small on the second top is usually good indication it is coming down. If it just accumulates then could continue up. Point is don't jump ship on the sell until the up move is verified. Then take the next couple of levels and get your loss back and more. CJ if you got anything to add that I missed please do so.
I just sold I like the set up going for 5 to 1. Although I think I should have looked at 5 min. to time entry better. I think I could have gotten in 10 pips better which would move me to 8 or 10 to 1 area. But what do I know I am always wrong. I am also long the EJ
I think stop hunt is usually opposite direction of the move. So I would say this is a really choppy chart best to stay away. But if I had to call it I would say 1 and 2 are one move and your SH is 2 and right now is consolidation which should move up if the others are right.
