DislikedBefore I start Scott, that's one cool avatar
Yes, you're not far wrong. Mainly I'm looking at daily & even weekly for general direction and take special note of the supports and resistances on those timeframes.
Entries aren't hugely important with such a large stop loss although it's still great to grab those 50 pips in a 5 minute breakout . It may seem weird to some but trading off the 5 min charts whilst keeping a close eye on the longer term (& I mean much longer term) can be done with some success.
Take today for example. Although we have seen a bounce up in GBPJPY the last week or so, I remain generally bearish until we see 230+.
In view of that I took shorts in the 228.40's, 228.70's & 229.20's. My view was 229.30 area was as far as we would get before bouncing back down. I was wrong as it pierced this level but no panic - took a long just before work at 229.24 & closed at 229.74 before the expected retrace where this afternoon the other shorts have been picked up for another 150 pips.
Sheesh Scott, I can't believe you've made me miss the US interest rate decision lol. Only joking, I don't trade news hehe.
Don't tell me I've been lucky again - my 5 open positions are all shorts under 225 hehe. Suddenly they may be back 'in play' again in the next day or two. It may seem strange to say, I was more nervous taking that single long at 229.24 this morning than I was about the shorts I was holding below 225.
Hope this gives you a little insight into my weird & wonderful way of trading these crazy markets.
Kind Regards
SteveIgnored
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