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Attachments: Stop searching for the 'Holy Grail', work on yourself!
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Stop searching for the 'Holy Grail', work on yourself!

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Just Musing

It is important to know the character of the pairs you trade.

Primarily I'm a medium-term swing trader. This means that I trade based on htf set-ups and leave my trades open for days and even a couple of weeks. Therefore, I choose a few pairs with reliable structural patterns and low volatility. However, I trade gold on an intra-day basis because of it's high volatility.

Trade safe and prosper.

KP
Do your homework, follow the footprints of smart money
Note: I am posting this analysis on request as I rarely trade GBPJPY. I prefer trading the GBPUSD, which to me as a medium-term swing trader, is more predictable than GBPJPY.

GBPJPY market is in a bullish mode. Presently, on the daily time frame, GBPJPY price action is experiencing increased bearish pressure as it tackles the 167.790 horizontal resistance area (purple). Although we may still see further northward move, bears would be incentivized by weakness in bullish momentum; technically, this may open the way for a bearish correction.

I may be wrong. Trade safe and prosper.

KP

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Do your homework, follow the footprints of smart money
Just Musing

Are you having problem with your trade set-ups? First check the trading range on the D1 time frame. If your ltf set-up is not aligned with your D1 tf trading range, you may not have a feasible trade. Besides, if your ltf set-up is within a D1 value area (e.g. a supply/demand zone or market imbalance) you may experience lack of directional momentum for a while, which may lead to a triggering of your sl.

Trade safe, prosper.

KP
Do your homework, follow the footprints of smart money
Want to go far in this business? Avoid short-term thinking, control impatience and impulsivity, and perfect disciplined trading with a simple but functional trading strategy/system.

KP
Do your homework, follow the footprints of smart money
Good day to all
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Quoting garonis
Good day to all{image}
I must say it's a pretty picture sir. I love the stark angles! Have tried entering it into the Tate Gallery?
To be less confused by the noises and discordant perspectives around you:
1. understand the kind of trader you are,
2. develop your trading skills that make you less dependent on indicators, and
3. know how and when to incorporate helpful information, analysis or perspective.

Trade safe, prosper.

KP
Do your homework, follow the footprints of smart money
What decides how many pairs you trade? Some 'gurus' said that you should trade one pair, certain other 'gurus' said you can trade as many as you want, while there are other 'gurus' who counseled that you trade a few pairs. What should determine how many pairs to trade? How many pairs do you trade, why? Share your views here.

KP
Do your homework, follow the footprints of smart money
Let me give the first of my two follow-up posts on this. The number of pairs you trade would depend on your trading style, among other factors. For example, a swing trader like me would need more than one pair. In fact, such a trader would need track at least five pairs, particularly if they are a medium-term swing trader.

Trade safe, prosper.

KP

Quoting KeenPips
What decides how many pairs you trade? Some 'gurus' said that you should trade one pair, certain other 'gurus' said you can trade as many as you want, while there are other 'gurus' who counseled that you trade a few pairs. What should determine how many pairs to trade? How many pairs do you trade, why? Share your views here. KP
Do your homework, follow the footprints of smart money
Your trading capital, your trading experience, and your personal choice about work/life balance, among others, would be factors affecting how many pairs you trade. For example, a complete novice would benefit by focusing on one or two pairs, while some with considerable trading experience may find it easier to track and trade more pairs. Traders with small trading capital would not be in a position to take advantage of more than a few pairs without blowing their accounts or stretching their capital too thin. Scalpers who want to maintain a healthy work/life balance would minimize the number of pairs they track and trade, otherwise their health and sense of fulfilment may be compromised. At any rate, nobody can 'legislate' for any trader how many pairs to trade. Traders should decide for themselves how many pairs to trade based on relevant factors and circumstances that affect them.

Trade safe, prosper.

KP

Quoting KeenPips
Let me give the first of my two follow-up posts on this. The number of pairs you trade would depend on your trading style, among other factors. For example, a swing trader like me would need more than one pair. In fact, such a trader would need track at least five pairs, particularly if they are a medium-term swing trader. Trade safe, prosper. KP {quote}
Do your homework, follow the footprints of smart money
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