We're going to sell the EURJPY which fits my “Reversion to the Mean-Countertrend” criteria. Looking at price action and trend, one would say it's crazy to short into this selling. Based on price cycle analysis and the math behind reversion to mean and standard deviations (which I will explain in my Signals classes) this fits the criteria for a higher probability sell. On the Daily, we've extended 250 pips+ without a significant countertrend. Risk reward is good. Risking 1 to get about 3. Let's pull the trigger!
UPDATE 4/30: This trade is in the money. Was just the SPREAD away from hitting the target before it bounced. Hate that. 131.45 was the target, the low for the day is 141.4501, not an exaggeration. No matter, because it's far enough in the money to bring stops to breakeven. That's the action update this morning.
Update 4/30: Later in the day the profit target was hit. Successful trade ending in profit.