EUR/JPY CYCLES UPDATE Part1

[rufffen]

USDX (dollar index) update: If the USDX cracks that highlighted level soon, EURO and CABLE will extend losses, and USD/JPY would be set for 119.

Let's wait and see how it acts at the highlighted levels, if you have some long posies on CABLE and EURO try to get out early at B/E and if USDX fails to breakout, reinitiate longs.

I will update USDX chart after US close.

[rufffen]

I initiated small LONGS both EUR and CABLE, EUR SL 2460 CABLE SL 8140 TP on euros posted earlier, TP on CABLE is 8540 8680 and 8760.

This is a good R/R trade (40 pips risk to get 300/500/700), although it could slide lower on me.

[rufffen]

Here's a chart to support my BUY decision on CABLE .

I don't post chart frequently, but every decision is based on EW/fractals/time and price analysis/cycles info and what I see on the charts, not much on the fundumentals.

[rufffen]

XAU spot GOLD, Ill try two setups:

LONG 581 613 640 TP 692 SL depends on if the levels hold (Id say currently sliding because of profit-taking stage).

SHORT 692 TP 648 Id say a SHORT trade setup has more potential.

[rufffen]

EUR/USD: This item is at cross-roads, as prolly everyone is aware of by now. I checked the cycles out, apparently we were 204 calendar days in uptrend, now the downtrend has been ON for 42 days, so it either reverses back NORTH now, which falls in nicely with 1/2/3/4/5 WAVE UP and A/B/C correction DOWN, OR it continues strong in downtrend, for another 2/4/8 weeks now.


If this item doesn't reverse, Id wait for break of low border of SUP ZONE1, which is 2430 and GO SHORT targeting 2000-2200.

Im not revising my LONGS at this stage, and I won't reverse as soon as I get stopped out (IF I DO). Ill SELL at 2430 aread SL would be 2550 and TP1 2260 TP2 2140 TP3 2080.

Please trade CABLE off the EURO scenario.

YEN and YEN crosses Id have to update later at US tomorrow.

Please make sure you have tight stops if you are trading CABLE and EURO long now, according to my scorecard of trades in the first post of this thread.

[rufffen]

USD/CHF update: This setup produced +280 pips per one lots since I posted the trade on 8th of July, it's good idea to take some profits now and leave a few lots trailing for 2600 and more aggressive targets towards 3000 area.

Can buy back at 2360-2380, SL 2320 TP recent highs. This item looks like it will retrace from a big move NORTH.

This item looks like having a hard time breaking through the double-top formation now on 1 hour charts.

[rufffen]

NZD/USD

LONG 1st 0.5990 2d 0.6040 TP 0.6380 0.6540 SL 0.5900
High probability trade

This trade is still pending. Please allow more time for this setup to kickin.

AUD/USD trade is still pending, short the TOP. Targets available at the scorecard in the first post.

[rufffen]

EUR/USD quick US close update: Price action failed to pick direction, so that might just mean that there is more downside to visit soon.

So Id recommend to use tight losses if you initiated CABLE and EURO longs now. If you get stopped out, no worries, once EURO has a clean break of 2440-2460 area you could reverse NET SHORT TP is 2200 on that one, SL would be recent EURO high. With this scenario once euro reaches 2200-2200 it's a good idea to buy back strenght in price action.