Lets face it... GBP/JPY DOES like to retrace to 50 or 61.... it is plain as day...!!! Or we get these big drops and climbs and then a bunch of days of consoidation... and those fib lines are PPZs too... If I lose the trades... I lose a little... but if I win, I could add 1/2 % to my account... or a little more...
I also have a sell order on GBP/JPY under there in case we go into the next big drop....
I agree on the weak dollar... but that is going to be a gradual thing... I consider that we really are in recession already... I know my business is... I haven't worked in over 2 weeks....!!! yet last year business was booming right up to December... but for the stock markets etc... while I think it will be a down year in 2008... it's still going to be up and down along the way...
Also... as anyone who sees me talking around here on these forums knows... I know nothing much about economy or the world in general... I am a chart trader... if that... and on charts... you got to have retrace... if we get the retrace.. I have picked logical places... !!!
I also pray for pips too.... but I have no evidence that helps much...
I also have a sell order on GBP/JPY under there in case we go into the next big drop....
I agree on the weak dollar... but that is going to be a gradual thing... I consider that we really are in recession already... I know my business is... I haven't worked in over 2 weeks....!!! yet last year business was booming right up to December... but for the stock markets etc... while I think it will be a down year in 2008... it's still going to be up and down along the way...
Also... as anyone who sees me talking around here on these forums knows... I know nothing much about economy or the world in general... I am a chart trader... if that... and on charts... you got to have retrace... if we get the retrace.. I have picked logical places... !!!
I also pray for pips too.... but I have no evidence that helps much...
Dislikedhey tiki you bot guts my friend... think today we are seeing a weak dow and it seems the dow correlation is back.... many gj traders were thinking same as u that gj loves to retrace to 50 fib in the past....but such a weak dollar still maybe it isnt as true this year..... that beast is scary on higher timeframes...... i think we are seeing some retesting of the previous recent low supports...if those hold u will make out...if not oops lol..... like you said you were taking a risk.... but i have 1 open long still as well.. SHIT we are on thin ice and we probably should have listened to MIKE W! lol but lets hope worst case we get stopped and reverse for even more pips right! good luck
update.... testing support trendline on gj now...we shall see later sessions she may bull up..... if not what a great short that is coming if she goes down belso that 213 x support level...... may the pips be with you!Ignored