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Bulls Make Money, Bears Make Money, Pigs Get Slaughtered 16 8 2012

I took a long position on EURJPY a couple weeks ago and it finally hit my profit target. Patience is a virtue. If any trader tells you that he's a 100% sure on a position, he a liar.

EURJPY was falling at the same speed as EURUSD and became oversold the same way, giving me the incentive to monitor an enter. I had taken the position earlier but it hit my initial price target and then I got stopped out at break even. The opportunity returned and I decided to go for it. Little did I know that I jumped on a 2 week roller coaster.

In the end it worked out. Today I hit my initial profit target and it's a wait and see for how far up EURJPY can go. My bet is 100.80-101. Although I take long positions in the short term, I am still of the view that winter is coming. Perhaps in September.

Over the next 2 months my view on EURJPY is that it will hit a wall @ 100 and re-test lows of 95.