CADJPY has dropped to a ridiculously low level, so I'm likely to enter a long position if and when the pair climbs back up to about the 82.80 handle, which is likely to constitute confirmation of a Bona fide reversal north.
I had to exit the position at 82.46. It seems as if fundamental influences are in control of the markets right now.
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In analyzing losses I experienced today and how to avoid them in the future, I conclude that I need to put greater emphasis on (assign more significance to) the squiggly trend line, which I have replaced with a close fitting simple moving average, and also insert an additional simple moving average that I have never used before. I’m hoping this will enable me to trade in such a manner as to almost make money at will, and to test my theory, I will be watching to see how long it takes GBPJPY to drop from 148.78, or EURJPY to drop from 131.99 (if at all).
The Euro-Yen jumped up to 132.27 and the Cable-Yen jumped up to 149.15 before turning south, but I am now clued into the precise moving average on which I need to direct maximum focus to know the exact moment I should enter a position and recognize the earliest possible warning that a trade has turned against me and I should exit to minimize my loss. (In the two-and-a-half years leading up to today I never attempted to narrow things down to such precision.)
I’m going to post the following under the Keep It Simple Stupid thread… Actually, it’s called the multiple simple moving average envelope Forex trading strategy.