Extreme trader sentiment points to possible EURJPY uptrend
The Trend Follower Strategy has just bought EURJPY at 130.681. The system recommends entering this trade at any price between 130.531 and 130.831. The signal was issued because our Speculative Sentiment Index is extremely positive, with a value of -1.519. This suggests that the EURJPY could be trending upwards.The 14-period on a is 0.6, so the stop loss has been set at 130.081. This stop loss order is a trailing stop that will move up as the market moves up. There is no profit target for this strategy. We expect to be closed by the stop loss.Trend Follower is a trend trading strategy that aims to buy and hold rising currency pairs and to sell short and hold falling currency pairs. The strategy looks to buy when the Speculative Sentiment Index is below -1.5, and looks to short when it is above +1.5.
Signal ID: 75873
Time Issued: Tuesday, 27 April 2021 00:00:15 GMT
Entry: 130.531 – 130.831
Stop Loss: 130.081
Any opinions, news, research, analyses, prices, other information, or links to third-party sites contained on this website are provided on an “as-is” basis, as general market commentary and do not constitute investment advice. The market commentary has not been prepared in accordance with legal requirements designed to promote the independence of investment research, and it is therefore not subject to any prohibition on dealing ahead of dissemination. Although this commentary is not produced by an independent source, FXCM takes all sufficient steps to eliminate or prevent any conflicts of interests arising out of the production and dissemination of this communication. The employees of FXCM commit to acting in the clients’ best interests and represent their views without misleading, deceiving, or otherwise impairing the clients’ ability to make informed investment decisions. For more information about the FXCM’s internal organizational and administrative arrangements for the prevention of conflicts, please refer to the Firms’ Managing Conflicts Policy. Please ensure that you read and understand our Full Disclaimer and Liability provision concerning the foregoing Information, which can be accessed here.
Past Performance is not an indicator of future results.