Joined Aug 2007
Status: Climbing Peaks Gliding Valleys
If you dont like to Go Long on this pair since the daily chart shows we reached Top trendline on Thursday and may be heading south again then, these could be good shorts with thought of worst case scenario of reaching last year High..
After pretending to be a swing trader for almost three years, I am currently agreeing with you that scalping may be the way to go for many of us. Unless you have loads of money to throw away, drawdown is a very big deal. When a peak is evident during a down trend, the scalping opportunities are just too good to pass up. One can grab 20 to 50 plus pips in a hurry, close the trade and wait for the next peak or valley. Of course, going with the trend always nets more pips no matter what style one uses. I sure love the pending orders of Syafi's method though; I would love to read and study his system at some point. I'm currently shorting the Gbp/Jpy looking to grab a quick 50 pips. I'm seeing this pair dropping a bit more but it has proved me wrong more often than not. lol..... Happy trading.......Tommy