GBP/JPY trading

[ForexPro]

Long 224.92 tp 226.5 st 224

Wow hasnt the £ fallen this week. Should at least test the $2 level soon and this take GJPY with it.

 

[ozzietrader]

Too many bears, why would you be long?

 

[ForexPro]

I just think we are due a bounce. Maybe wrong, but i also think Eur/Usd at 143 level looks value too.

 

[ozzietrader]

If the neckline on the weekly head and shoulders holds, you could be right. But if it breaks, then we might fall hard and fast. I got a short signal at the open of asia today (00:00GMT).
Lets see what happens.

 

[oraclewizard77]

I made 100 pips on my short of GBP/JPY, was an easy win, but since I don't trail my stop, I did not make 200 pips that could have been made if I held it longer.

 

[ForexPro]

Yes i got stopped out. I wish i kept my short from yesterday. Incredibly the 400pip move on GJ this week has been down to a massive downturn in GU and not significant yen strength.

I dont use any systems per se, more an overall gut instinct based on charts, news and other markets.

 

[bigmrfrank]

Quote from ForexPro:

Yes i got stopped out. I wish i kept my short from yesterday. Incredibly the 400pip move on GJ this week has been down to a massive downturn in GU and not significant yen strength.

I dont use any systems per se, more an overall gut instinct based on charts, news and other markets.

Short since 227.29. Bought back 1/3 at 223.78. Support @ 223.64 which if broken will head to 221.15.

Why would you go long? GBP/USD pointing down across all TFs. USD/JPY down on 1 - 8HR and rolling over on the daily.

Too much guess work in your method. "I think", "I hope" and "maybe" are not good trading signlas. Basic charting and price action would have kept you short and away from that loss.

I do give you credit for posting losses as most would not.

 

[ForexPro]

I know i should of stayed short. I said at the beginning of the week that it reminded me of the 2nd week in nov.
Hindsight is a great thing. Sometimes the best trades can take a few days to play out. But still i am up on the week so cant complain.

 

[bigmrfrank]

My ATS stopped and reversed at 224.03 so you weren't far off on the long ... just a bit early.

 

[ForexPro]

What does ATS stand for? Yes I know, my timing was slightly off, but you were right it was risky and counter-trend at the time. Not sure how much trading i will do this year now. Might wait until the 1st week of Jan.