The Beast – huge opportunity exists here to make serious pips. I have seen many traders made tons of pips with this pair, though seen as many traders melted their accounts with it as well.
On July 29th, this pair moved up over 140 pips in Asian hours, and dropped 120 pips after London open!
On July 30th, this pair moved up over 120 pips in Asian & London hours, and dropped 90 pips in NY time.
Love it? or Hate it?
For those of you who wouldn’t mind trading the Beast, here is the plan.
The price hit the high of 194.58 at the end of London hours yesterday, breaking WM4 (Profit taking zone). Since then, the price has been dropping. Please notice there is a divergence in Stochastic. Thus I am assuming the price will drop a little further to a Pivot cluster of WPP & MPP at 192.30-60 area.
Currently on Hourly chart, Stochastic is in over-sold zone. I would like to sell when Stochastic is in the next down cycle, if the price is less than 194.59, forming Lower-High. (That’s another 100 pips I am talking about!) Well realistically, I am thinking 2 short zones, a) from 21EMA, b) from DPP. Whether this trade will become another big move (over 100 pips) or not… I cannot tell. But hey, this is the Beast. What we can do, is to trade with the proper entry, jam the stop to even, and just wait and pray. Once day, the Beast may smile at you !
YJ Baik – Forex.Today @ Tokyo