BUY GBP/JPY 135.70 Stop Loss 135.55
Profit: 140.20 (450 pips).
good job
not today and not yesterday
if you keep going low enough you may finally hit your target!!!
Hmmmmm Now if one just did the OPPOSITE.
LMAO I don’t see a buy in the near future there at all:D
maybe the purpose of these threads is to teach people [B]not to follow other people’s signals. [/B]
Both signals amount to -28 pips now.
Not a big loss but 2 losers all the same.
My weekly/daily/4h charts all show this pair in a downtrend - is anyone long GBP at the moment?
Yup. It’s not that every other person’s signals necessarily are bad. Some might be and others might not be. However, at least when you’re starting your forex career as a newbie, you should focus on gaining the knowledge and experience in making profitable decisions yourself. That is unless you’re not aiming at trading the markets independently and profitably.
Lets ignore that G/J just broke clearly broke past daily & weekly resistance and is in short trends on daily/weekly/monthy charts.
A 15 pip SL on GY is simply asking to quickly lose 15 pips. My spread for that pair is 7 pips. So, upon entry I’d now have an 8 pip SL. Even if I didn’t have a spread with a 15 pip SL on GY you can expect to be stopped out in a wink or two after entry.
Heck, a 50 pip SL on GY is asking to get stopped before you run into profit.
You could get lucky and get a big 450 pip retrace before the short trend continues, but with a 15 pip SL it’s very likely you’ll get stopped out, even if you called the retrace point.
P.S. already made 868 pips this week going with the short trends on EU/GU/EJ/GY, in and out twice on each pair. Coulda made quite a bit more had I stayed in from wednesday night to thursday late morning. But, I already had hit my % TP for the week and wasn’t sure the effect the AM news would have on the pairs while I slept. Now, I’ll just wait for a retrace next week and go short again.