Seems like CPI was a case of No New is Good News.
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GBP/JPY Trading 2008
- Thread starter ForexPro
- Start date
Seems like CPI was a case of No New is Good News.
yes covered at 210.5. Crazy day. I still think its a 1 day reversal, as opposed to a new trend. I took my losses today. But i think its one of the toughest things in trading to change direction in a trend. Best to sit on the sidelines, until the trend resumes.
I bet there are people selling rallies on every turning point in every market. Real whipsaw of a day.
I bet there are people selling rallies on every turning point in every market. Real whipsaw of a day.
Quote from ForexPro:
I got out at 210.60 for - 35pips, didnt want to risk another 170pip pummelling post news time. I couldnt believed the rally from p*ss poor housing stats. So i got out fast. Flat now. Wouldnt be surprised to see 213-214 today if this is sustained. Need big stops in this one.
Have you been watching the Support & Restistance levels I've been posting. I've been doing so because during times of consolidation, trend exhaustion and possible trend reversal in GY they become very important and GY adheres to them well regardless of news to a certain degree. Reason? - That's where most of the buy and sell orders will be stacking up. I don't look at them and say "OK we're @ 212, it should bounce down off it". I just know that the price action *at* an S or R level will give major clues to where price is headed in the near term. Once price action at an S or R level plays out I look at the next closest S or R level for more giudance.
We're at 212 again right now which is major R. Watch what developes.