Gbp/jpy trading Tip

Thank you Sideusprime ...it has taken lot of hard work, sweat and tears (literally) to get to get to this point, just have to make sure I keep my discepline.

Also just thought I ought to clarify these results are actual market movement trades, trading one position not mutiple lots.

Cheers,

Chris.

Mysticdiver.

I see you started a thread no loosing trades the month of august after a disastrous july,and apparently on the gbp/jpy,did you buy your sailboat this month.

You must have developed a good system or have you been taking auslancos trades? LOL!!

Ok, I have less than one year trading and I bagged 160 pips the last two days. Not sure if I can keep it up, although I look to exceed it. I only risk 2%, and of course am still learning. Looks like a fun beast to me.

I need to add that this is on a demo accnt, and is really my first go at this pair. I can´t wait for monday.

This pair is like surfing dude. If you fall, get up and try again. There's another wave coming man.

I brought my board!

The GbpJpy is so volatile because it is a very emotionally driven market. It surges and pulls back like crazy. Thats exactly why GBPJPY was all I traded last week. When ever the collective consciousness of all the people sitting and trading at any given moment is acting and reacting out of fear and greed on such a grand scale, then the indicators that only work when human emotion is affecting a situation will really be quite accurate, such as elliot waves and fibonacci principles. If you dont understand these two types of technical analysis, then stay out of the pound/yen. If you do understand these, then remember they only work when there is enough humans involed to make it work, so dont trade at those times when liquidity is low (not enough human emotion)..........if it goes against you dont hesitate to get out. Its much easier to make it back later than to jump thru hoops hedging and what not to save the trade, and it takes your attention away from other possible opportunities. The most valuable lesson i learned this week is that I need a new Uninteruptible Power Supply on my computer,modem,router, just as the market peaked and i was about to take profit my electricity went off for 1 second. It took my hardware 2 minutes to reboot. By then it was a losing trade.........another valuable lesson learned. pip pip .............Jimdandy

Thanks for the advice, I have been trading using fib, longer range pivots and PA. All of my hardware is backed up by a battery power supply and line conditioner. I quickly move to BE and have thought about hedging large wins, although maybe your right about taking the profit while its still there. Thanks for the wisdom guys.

Hi,
I bought my sailboat 16 years ago.
I follow Auslanco's thread, just to see what people are thinking.
I use Rob Booker's system.