EUR/JPY CYCLES UPDATE Part1

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EUR/AUD: Prepare to go long at 6470-6520, SL is 6400 TP1 6880 TP2 7020, going for 500 pips here, risk exposure is 120 pips.

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GBP/USD UK update: Now if you had CABLE longs since yesterday, it's wise to take profits, since it's only a mild retrace from the down move, anything below 8330 is just a retrace, if it breaks above 8330 there is more room to BUY the market.

Right now BIAS is SHORT both CABLE and EURO, Id wait for better EUR prices to go short (below 2440 is good on EURO).

For good R/R I don't see any decent setups now.

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If any of yous got any comments/suggestions, feel free to either PM me or MSN, MSN ID is rufffenfx@hotmail.com, Im trading UK through US sessions most times, although I work full-time in another field of business.

I will be updating trades scorecard @ US close today, apparently nothing exciting to report as of now. Some of you took LONG trades, CABLE was a slightly better performer, shoot up 100 or so pips, EURO won't budge, floating +-20 pips same narrow channel.

Currently CABLE looks to be a better SHORT rather than LONG, since prolly specs driving it higher, but BIG account keep pressure to the downside, Id say every 10 pips NORTH on CABLE big boys ADD lots SOUTH.

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NZD/USD update: Initiate SHORT trade at 6320-6360 range SL 6380 TP1 6100 TP2 6040 TP3 5960.

Also Im going to BUY it from the bottom. BTW, check out AUD/NZD charts, I was looking to SHORT that setup, but didn't have enough confidence, this item dropped 400 pips since BEG of JULY, crazy!

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NZD and AUD update: Looks like I finally deciphered the pairs, what Im looking at now, three setups, very nice R/R:

AUD/NZD: BUY WINDOW 1.1800-1.1860 SL 1.1740 (120 pips) TP1 1.2040 TP2 1.2160 TP3 2300 TP4 2440.

AUD/USD: BUY WINDOW 0.7280- 0.7340 SL 7240 TP1 7480 TP2 7560 TP3 7640 TP4 7760.

NZD/USD: SELL WINDOW 0.6310-0.6360 SL 0.6380 TP1 0.6180 TP2 0.6080 TP3 0.5980.

Please note that in order for these trade setups to work, all of the prices MUST line up according to my scenario. If there will be any revision, I will update the post accordingly.

If I had different setups on these currencies, disregard them (AUD/USD trade was triggered and was stopped out, results were updated accordingly).

Right now it's waiting time. All of the trades are BEST confirmed with candle reversal fractal, such as Morning Stars/DOJI/Hanging Man on 60/240min timeframes. BETTER enter later but with more confidence.

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Attached is the PDF with CandleStick basics, all the good reversal patters are outlined here.

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USDX (dollar index) UPDATE: This item looks like it broke the double top formation, trading above 87 right now, BOTH DAILY and 1 hour EW analysis pointing more UPSIDE, 1/2/3/4/5 impulsive action will bring it to 87.60-87.80 VERY SOON.

So what that means is the EURO and CABLE descent from the current levels is almost eminent now.

XAU SPOT GOLD sliding lower, Id expect next target 613 580 and the low at 564 to be reached withing next 1-2-3 weeks.

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EUR/JPY update: This item is in strong RALLY mode, anything above 147.80 will see it trade at 153.00-154.00 near future. However, Im only looking to go SHORT on that pair, no setups as of now. Quite possible it could start the descent though, if EURO downtrend gets a good boost soon.

GBP/JPY: Crazy, that's what Ill call the action here, anthing above 216 will see this item trade at 219 near future. Might follow the EUR/JPY if CABLE accelerates in dowtrend. Will update possible setups, as soon as I spot a good trade.

USD/JPY: How does the YEN fair with dollar strength? This item looks like it will extend losses towards 119 mid-term, from that point onwards Id say it's a good idea to trade it SOUTH (short). Alternatively it could extend towards 122.80, but at this stage this is not very likely.

USDX: Mid-term will establish above 87 levels, will try to extend towards 88 and possible 89 areas, which in turn will be reflected in EURO/CABLE/YEN weakness mid-term.