My £/Y Journey.

This here represents a study into the £/Y carry. I want to get to know its idiosyncrasies and characteristics. Particularly i will be looking to find what currency crosses influence it the most and why. Please feel free to leave a post here as i would love to learn from the many views that are out there.
My trading style is mainly S&R ,TL's and candlesticks. If this is not your style please still leave a post as i am here to learn from a varied range of views as possible. Thankyou and wish me luck.

I have set a buy limit order at 138.20 as this area has been tested several times. I don't expect the move up to be over exaggerated as the £/Y is more bearish than the £/$. This can be seen in the lethargic response of the £/y in the face of the recent £ strength against the dollar. If my order is filled i will take profits at 144.80. The chart below is a daily chart.

Buddy...

I like ur profile pic...
Are u an Asian??

Sonic

Hello Sonic and thankyou for stopping by. I am not Asian, i used that picture because i have come to realise that in trading it is the patient dog that gets the fattest juiciest bone. I started trading in October 2006 and have made some decent money and lost twice as much because of impatience. Because of this i consistently miss out on the big market moves like the one that has been happening since this economic crisis. Patience is one of the core attributes i will be looking to aquire from here on.

My stop was hit and price went down to 137.35 when i turned on my computer this morning price was at 138.17 . I went short again here with my stop at 138.45 expecting price to touch 138.23 (which was the close of the swing low doji) and continue to fall but price went right through and hit my stop.
The £/Y is influenced by the £/$ at the moment. I don't know yet if this is always the case.

I am trading a $50000 account risking $500 on each trade. This equates to a 50 pip stop loss per trade which is not much for the £/Y so i will have to be accurate and very selective with my trades.

I am still bearish on the £/Y. Yesterdays move up i suspect is the pricing in of a poor NFP report tomorrow. After the report tomorrow i will be looking to short after the noise settles.