Hi All,
Glad to inform you guys that the first test of my system has proved successful and as predicted, the GBPJPY did move up by 100 pips from 239.10....Lets see how things go though. I should not be talking too much about it lest the jinx of over publicised trading systems catches up with this one too...
The USDJPY finally broke through many resistances and has moved to a 5 year high. It was consolidating for so many days and finally broke through today. With lot of strong news coming out of USA, it should augur well for this pair. All this news seem to be affecting the EURJPY though and it seems that this pair is taking the brunt of it.
But as all pairs, this pair too has to come back and lets just wait patiently for it to come back. The GBPJPY also seems to be moving up slowly and steadily. It is not running up in support of the longs as it used to but it is having a slow and steady rise. If you watch the daily lows for this, you can see that for the past 2-3 days, it is always having a higher low as well as a higher daily high. Lets see how all this pans out.
I am going to stick my neck out and say that USDJPY would continue higher as also GBPJPY for the next 2 days. How high and how far this would come true is anyones guess. Just my feel for the market. EURJPY is going to struggle but it has to come back sometime.
My friend Tony had posted a comment on how useful ranging is for the scalpers. I had specified that ranging is boring and i guess he did not like that. But as i said, for me, who depends on swing trades, ranging is boring but good trading is boring. So i would take good, ranging trade anytime. I would like to discuss about ranging, scalping and swing trades. But thats for another day.
Happy Trading!!
Subscribe to:
Post Comments (Atom)
2 comments:
This is a great blog! Since I started reading it this week, I have scalped 83 pips and have not had a losing trade. The ranges really help. When you talk about swing trades and ranging can you go into detail. What percentage of an account would you invest on a ranging day scalp and a swing trade? I have heard never more than 10% of your account. What is your opinion? It would be very helpful if you continue specifying, in your future blogs, what days you thought would be ranging and when you thought big swings were on the horizon. Thanks for this blog!
Thanks big p...If you feel like doing something for me and the trader community, pls spread word abt this blog...
As for ranging and scalping and all that, will write down few things abt it in a couple of days time...
keep posting ur comments...its great to see them..
Post a Comment