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Daily GBP/JPY analysis

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Last Post: 2/13/2008 8:52:06 PM - Followers: 1 - Board type: Free - Posts Today: 0

This thread is NOT created to teach you how to trade. It was created to analyze GBP/JPY. If you are new: 1. Do not trade this pair until you gain experience with a live account, money management and a profitable, less volitile, pair 2. Prepare to lose everything you risk until you master #1 --------------------------------------------------------------- 1. Trade only Tokyo and London times. 90% of the time the trend from Asia continues through Europe unless you have some big news on GBP. rarely the trend reverses like his elder bro GBPUSD, who loves to flirt all day and eat our balences away by the time we reach US time. 2. GBPJPY have a habit of turning back upto 40-50-60 PIPS, considering it has a spread of 8-9, its normal, BUT if you are newbie..you will be scared and will never come back to trading GBPJPY, so always set your stop loss above 100 PIPS AND trade with the money you would be prepared to loose. The 40-50-60 PIPS turning back you see is not reversal of trend..just relax..probably some big guys unloading the trades etc..again 90 percent of the time..the trend will follow up. 3. Play with the pyramids..if the pip goes 50 to 60 PIPS know that it will hold the position..so built on a nice pyramid to make up the lost PIPS. 4. EXIT by US afternoon as most the trade will be slow till the market open for a new day in Tokyo. 5 Be a day trader, I would at the most if i see a big trend hold for 2-3 days..I have carry trade in other accounts. 6. If you play intraday..you will make 10 to 15 K PIPS..If you go carry trade you would make 3 to 4 K per annum..both are nice. depends on how much you got. Probably the biggest thing in trading is confidence, which you get with experience ..so keep your arse grinding untill you say..ohh yeah..i can do it ---------------------------------------------------------------- Just wanted to point out that the price has nothing to do with all the fancy MAs we want to draw. The market does not see your moving average, any more than it is convinced by a 100WMA or a 21 EMA or a 5 SMA or a 250 median based average. There are so many big traders using different things that very few of these MA types and periods coincide, and there is no one point of reference that everybody uses concerning these averages. Nobody sees our pretty lines, which is why they will coincide with support/resistance sometimes, then get annihilated at others as if they don't exist. What is happening is simple support given a range. GJ is also a derivative pair for the most part, so you are watching the UJ and GU interact right now as well. Most experienced traders would tell you this, it is common information once you've traded for a few years and watched these things fail time and time again. ---------------------------------------------------------------
#4   CaT got your toung?? Ataglance2 09/01/07 10:18:12 PM
#3   very nice.. Ataglance2 08/31/07 07:53:38 PM
#2   (US) BARRONS COMPARES THE RECENT MARKET SELL OFF ultimatepick 07/28/07 04:30:22 PM
#1   If you're not trading GBP/JPY right now you ultimatepick 07/28/07 11:32:02 AM