As I´m not certain of the next main move in GBPJPY - and yes, I do look at monthly, daily and 4 hour charts before I start each day´s trading - I am currently looking just for short term scalps.
To help me with GBPJPY I also have up Cable and the Euro and USDJPY, all on the same page and with the same template and normally 5 min time frame.
As soon as I see a set-up approaching I drop to the 1 min for an entry.
Here, the strength in the Euro from 7:25edt onwards - see its position relative to its 34 EMA (Turquoise) and its 200 EMA (Green) compared with Cable´s position - caused me to consider that Cable might put in a stronger rally which would impact on GBPJPY.
However, the way USDJPY made a lower high with a lower stochastic helped me to sell the lower high in GBPJPY for an initial target of 249.00....this action is seen better on the 1 min TF.....Entry 249.34 for 34 pips before the spread.....my fourth successful scalp since the Frankfurt Open.
To help me with GBPJPY I also have up Cable and the Euro and USDJPY, all on the same page and with the same template and normally 5 min time frame.
As soon as I see a set-up approaching I drop to the 1 min for an entry.
Here, the strength in the Euro from 7:25edt onwards - see its position relative to its 34 EMA (Turquoise) and its 200 EMA (Green) compared with Cable´s position - caused me to consider that Cable might put in a stronger rally which would impact on GBPJPY.
However, the way USDJPY made a lower high with a lower stochastic helped me to sell the lower high in GBPJPY for an initial target of 249.00....this action is seen better on the 1 min TF.....Entry 249.34 for 34 pips before the spread.....my fourth successful scalp since the Frankfurt Open.
Trading Levels with WRBs