Well I was on a nice little run but they all have to end eventually. I was recently stopped out on my EUR/JPY fade for a loss of 106 pips per lot. I will still be keeping a close eye on the pair for a potential longer term swing setup if there is a trendline break or MACD cross as this uptrend is overdue for some sort of intermediate correction as it has put in 5 consecutive higher lows over the past couple months since the big selloff.

As for my other JPY fade, please refer to the chart below. As of right now it is under by about 120 pips per lot. In hindsight, I think I was over-anxioius to get on board this trade and missed a much better entry has I simply waited for price to cross above the first FFF Fade zone. All the conditions that originially caused me to enter this trade are still present (The MACD Divergence, Slowing ADX, Reversing RSI, & Overextended Price) so I am optimistic that price will at least fall back to my entry level where I will scratch at least half of the trade.

After that, we’ll just have to wait and see how things are looking. Either way this should serve as a good lesson for me in how NOT to become over-exposed in one direction of a particular currency (in this case, having 4 open shorts on the Yen accross 2 pairs).

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After reviewing the charts of the currency pairs this evening, I’m still convinced that the best chance for a profit is going to originate due to profit taking in the Yen cross-pairs. What caught my eye the most though was the AUD/JPY which was consolidating a few days ago and recently broke higher only to form an inverted hammer today right near the FFF Reversal Zone.

So while it is a little bit riskier move than I typically take, I’m going short here with a stop just above the FFF RZ and a target somewhere in the vicinity of the 95.00 consolidation area. The setup and targets are very similar to the EUR/JPY position which I still have open with the MACD divergence and Overbought RSI only this trade has an even better entry due to the recent daily breakout.

The risks here are that I am doubling down on my Yen short exposure but I am hoping that the more than 3+ Reward/Risk ratio will make the trade worthwhile. And as always, I’ll continue to monitor the position and look for signs that the tides may be turning against me so I can take action if necessary.

And for an update on my EUR/JPY trade; After initially moving in my favor 30 pips, today it move 60 pips in the other direction so that I was down 30 most of the day but it is now back around my entry point. I’ll let you know how both of these turn out.

I was happy to come home to see that I had gotten filled on my EUR/JPY trade this morning at 159.59 and that it was already 25 pips in the black. The more I look at this setup, the more I’m liking it. Looking back over the past year, NEVER has price been above the 10 EMA by 50-75 pips and a correction not taken place, just look what happened the last time!

Add to taht the MACD divergence with the RSI & ADX rolling over and I’m very optimistic. But that’s really all I can say at this point. I have my stop in place and am really just in wait and see mode. If it does roll over and touch the 10 EMA, then I’ll adjust my stop to just under the 160 range and have to decide whether or not I want to take half off of the table.

I’ll let ya know.