Hey Guys,
I just got a few emails about the break of the 154.80 line. I am not in this trade……..
GBP/JPY has moved far past its average daily range and we are in the Asian session. This si the point at which you would expect it to stop moving not keep moving.
My advice to anybody who jumped in wuld be to close this one out or trade it with a tight stop.
EDIT:
Sorry to get this post out after the actual break but I was in bed and thought I should come back and leave this message. Its around -15 pips from open at the moment. Rememebr lines are not magical barriers that you jump in when broken. My method is a discretionary method and when you see GBP/JPY ranging 400 pips (almost 2x its avearge daily range) in one day you do not get in at the end of that day mid way through the Asian session. This trade could still work out but I woul not take it.
EDIT:
Ok 20 min later it just had a complete reversal. Looks like a reversal pattern may form.
{ 9 comments… read them below or add one }
So, are you saying you only trade during the London session?
I played this down to the support. Pretty good strategy so far.
Heh didn’t enter, the momentum was missing… If it drops below like 20-30 pips and gains speed, will be entering, otherwise will be watching for a reversal.
Thanks for the analysis, Nick. Good judgements.
Nick-Did Your ATR reset as the new day started?
@Stephen:
I really just look at the past 24 hrs or so to see what the move has been for the day.
wow nice bro nick :D
no way i could have trade that move
looking at the movt down alone is enough to tell me that it is most likely reversing instead of continuing after it hit the line
Hey Nick; I lost 50 pips on that one because I was asleep and my order was trigered, but it was cool because I manage to breakeven on the break of the 156.000 level. Thank you for everything you do. I have learn a lot from your ebook and video.. which by the way I will read and watch again to refresh a couple of things. I don’t know if this is the place to ask you this but, do you use the same method on stocks? thank you in advance