It was only a pullback, not a reversal (or more like consolidation), so I'm starting out the week with a loss.
GBPJPY climbed to 150.47, as expected, but I don't think it's going to be able to hold on. EURJPY and USDJPY seem to be falling now as well.
It looks like it's taken me a day to learn how to correctly read the "lab results" coming from the new regiment I've adopted, a procedure that, interpreted in the light of more practice, indicates USDCHF has still not yet made the commitment turn south, though it's probably closer than it was 24 hours ago. The only "problem" is, now that I'm diagnosing the symptoms correctly, I'm back to reaping profits only 5 to 15 pips at a time, but I am seeing things more clearly than I ever have before, so this IS going to be the way I trade from here on out—swing trading (and especially position trading) are simply out of the question for me.
I'm hoping it will give me approximately 20 pips of profit rather than stop me out for about the same amount of loss.
EURUSD is down to 1.1602 after its mood turned bullish again somewhere around October 18th, so anyone who listened to Lewis back on October 8th would not be in such great shape right now (from my perspective), which is part of the reason why my only use for "experts" nowadays is to compare and contrast their opinions with my own and not as a basis on which to make any decisions. As for what I find to be the most promising setups approaching this week's open...sure, EURJPY is decidedly bearish overall, but in the past couple of days it has taken quite a tumble, so I'm inclined to be contrarian in this instance and watch for the signal to go long. (EURUSD is pretty much in the same situation right now.) GBPJPY is bullish overall, so when it appears to be ready to turn north once again…I’m planning to go with the flow.
I have been watching Christopher Lewis's weekly TA summaries on forex and indices etc. on FXEmpire.com for a couple of years. They're very quick (around 1 minute each, nice) and just as a confirmation of my own trend TA very helpful.
GBPJPY hit 150.39 today. Personally, I'm not looking for anything more out of this pair and think it makes sense to lock in profits right here (currently at 150.23). My forecast from Sunday:
I agree with Franco Shao, but not for the same reasons (since I don't use candlestick patterns). I see the pair as having climbed above a major bearish trend line, and at 132.86, it might be hinting ever so subtly that this is where it wants to turn south.