Like I was talking to my friend who is also trader yesterday I have big down days, small up & down days but no big up days. I cut my profits. Certainly I didn't expecting this kind of movement but I'm guilty of not letting my trade run. When I first started trading I would cut my profits when they were 3-7 pips. I just couldn't believe that I have a profit lol. Now it's 10-20. I really got to learn to let them run and change mental concepts that prevent me of doing it.
Gbp/usd +19 +6 pips
There was some heavy buying in gbp/jpy
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2 comments:
This is a tough pair to trade. I wouldn't touch a GBPJPY 10sec chart with a ten foot pole. You have balls man.
From this post, I gather you know about how to trade crosses already. You seem to be pulling profit from JPY crosses, so I don't want to tell you how to suck eggs when you already know.
The only thing I would mention is that GBPJPY has some time-price patterns that offer good probabilities. I'll leave the research up to you, because everyone has their own trading methods and styles -- but take a look at intraday price movement in different increments (10, 15, 20, 30 and 60 minute periods) and study the excursions. You can do this in excel if you have tick data -- make sure it's filtered from a good feed service.
So let's say that, at a certain time of day, GBPJPY moves -- we don't know in which direction, but we know that the excursions tend to average 70 pips within a 60 minute window at a certain time during the Asia/London overlap. Scalpers can find some very good trades during this period. Occasionally, a scalp can turn into a day-trade or longer -- I'd say more often than one might think.
There is also a certain time during the week when the probability of a 20 pip positive move in GBP is very high. I'm sure you know about this already, and why it happens.
Anyway, if you haven't already done the time studies, check them out. They may open up new opportinuties for you.
Cheers and great blog man.
Thanks lonely on your comment and informations, you always put value with your words. I found your blog recently and find it as one of the most valuable on my blogroll.
I had some nice trades in gbp/jpy but that pair can be so wild and unpredictable. Only with clear head and smaller size one stand a chance to exploit it.
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