Hi Philip,
I agree the bias is the most important. That is why I trade GBP/JPY also with caution as it is vs my bias what I definitely don’t trade often. I just try here a short-term technical setup and it is also actually vs. my own bias which is quite bad, I have to admit. Your long GBP trades can make definitely some money. It would be great if the pair moves down to give me short-term win and then turn to give you a longer-term win
I actually have to say Mike that Philip is right again. We really have to invest now the time to get our system working better and better and the thread is changing continuously, keeping the COT in the middle point. After time we will see what works and what not. We will I guess always do our COT analysis, define our bias, get maybe confirmation with COT Index and enter the trades. If COT index does not work then we get something else. Point is to get more efficient and with the time it goes faster and better.
Philip mentioned the new system vs. our own analysis. It is hard to compare in the beginning of the test but that is how I see it: with our analysis we might define the very big reversals better and faster. This “new” system should give us though great entry points along the way for during retracements and using the MA and the COT Index it is actually a quite strong mix for confirmation. I think it is not a bad idea to define what we expect from our analysis and what form this system. The two together can be extremely powerful. Just think about it: if we defined the turning point with EUR/USD with our analysis and made 4-5 scaling in during the trend with COT Index!!! Boys, that would have been something! It will be great to hear Peter on that. I do not know if he wants to read the whole discussion though.