On my main account, where I`m trading short term trades on GBPJPY, trading went realy bad this week. I gave half of the profit back and I`ll not trading anymore till the end of the month. Want to keep the stats positive. It seems history repete it self. I went though this last February and March, GBPJPY went in a range, where was no normal price moving, only spikes all over the place. And my system fall down, just didn`t work. I needed long time, to recover and this is sure not the thing, I would do it again!! Until the ATR will stay at around 200 pips, I will use the method, I`m trying to present here. This is my weekly view on GBPJPY:
GBPUSD range, USDJPY range = GBPJPY range
USDJPY fall in a range, but resistence above hold the price, could be tested again.
GBPJPY ATR fall as expected. Not a good sign, it will move in a range between strong support and new resistence, wich form this week at 150.80. ATR will most probably stay around 200-250. All this will lead to a spikey price action. I will not trade it with my standard system, until something change.
Have a nice day all!
GBPUSD range, USDJPY range = GBPJPY range
USDJPY fall in a range, but resistence above hold the price, could be tested again.
GBPJPY ATR fall as expected. Not a good sign, it will move in a range between strong support and new resistence, wich form this week at 150.80. ATR will most probably stay around 200-250. All this will lead to a spikey price action. I will not trade it with my standard system, until something change.
Have a nice day all!