Yes I agree. But its interesting to see what other methods traders use. SSblack whats your method - technical, fundamental, automated? I try and use a bit of both. Sometimes I am accurate in my views. What I always have problems with is when the asian session trades. I have lost count of the number of times I have gone to bed in profit, only to see it wiped/stopped out in the asian session.
That's exactly where we differ. You're fundamental and I'm TA. It's all a matter of faith in the grand scheme of thing but once you explore the concept of price action you'll find that price action does not lie. It might run a head fake but ultimately can not lie. Not saying I don't have loses. I do but they are very small and my gains are large as my systems take fairly large chunks from the trend. What some call range in GBP/JPY I can trade within as a trend. Not all the time but with 200 pip ranges, that's all I need.
Hot damn man. Take her deep. good trading. I just got signed up here. good to meet all of you. I think the pound/ jap yen is going to shoot up but I ain't quite ready to buy some yet. I think most folks think she is going to fall off, what do you boys think is going to happen with her.
Tough one. Will be rangebound this week. I would favour upwards due to central banks trying to aid liquidity by cutting rates.
Short 225.94 tp 225 st 227. Having a tight tp & stop. Methinks £ will go down as the BOE will be pressurised to cut by the BOC decision today. Fingers crossed.
I think we got differnt setups for these trades. In Canada the inflation is falling off right good. The brits inflation is shooting up a little. my rabbit foot tells me that money traders are starting to think of selling the pound everywhere, but i don't get along with that view. I won't be too quick to sell the pound. I'm buying pounds and taking her deep buddy. I'll grant you that things are getting a little cloudy for me though. Get er man.
I don't trade this pair but I just had a look and it seems very bullish. If I traded it, I would've been long at today's open. edit: I trade EUR/JPY and I was long at today's open, doing nicely. Price action all the way.