NICE!!! GobabyGo!!
Welcome to BPs,
KC
Thanks man!
Good start.
They all count but right now sell GBP, buy JPY is a default setting if you donât have any other trade ideas.
Keep an eye on the 50EMA on daily charts. GBP wonât always be weak, JPY wonât always be strong.
What do you mean by default setting? I dont use any indicators, I just naked trade.
Hope you closed it.
What happened to your trade? 
Let me take a guess⌠âclosed it at the top and then took a shortâ 
Actually closed it for only half profit
Closed it for half and thatâs all because I donât trade that aggressively lol
Alright yall, NFP is over and next week is pretty much correction week so letâs see if the market offers us any moves. Iâll be keeping you posted!
In this context its just an expression. There isnât really a âsettingâ you can click to buy the strongest and sell the weakest currencies. Its just that selling GBP and buying JPY has been so obviously a profitable low-risk trade for so long, it can be called a âdefault settingâ.
How is it low risk?
Im looking for a bullish move to the previous resistance if in the next 4 hours or so it can close above the small range its in. If it doesnt show any bullish strength, then no trade. Lastly, this is a fairly large move so we may not get the full move which is completely fine.
Letâs make sure weâre on the same wavelength. If all the GBP pairs were bearish against all other currencies and had been for week after week after week, would it be high risk or low risk to sell GBP?
And if most JPY pairs had been almost equally bullish over the same period, would it be high risk or low risk to buy JPY?
That sounds good in theory but it does not play out like that at all. All of forex and stocks sound fairly simple and or low risk in theory. If I risk 90 percent of my account on a low risk move and I get whipsawed a little then that was a high risk trade. The risk severity comes more so from the trader Iâd argue.
If you take a statistically reliable chart pattern and stake 90% of your capital on it, it has definitely been made high risk. But only an over-confident or greedy or inexperienced trader would do this in practice.
Well Im also saying I dont think itâs completely accurate to say a trade, regardless of the trader, is inherently low risk.
Youâre splitting hairs for no benefit to anyone here. Different TA features have different rationales. Their characteristics and statistical performances over the past are reasonably well known and some of these are known to be very reliable and some are known to be far less reliable.
Of course, yes, you can take a reliable TA feature and risk a silly amount of money on its outcome. But where is the rationale for that? Knowing that the TA is low risk, what criteria would you use to deliberately make it a high risk trade and why?
That isnât splitting hairs at all. You say that certain chart patterns are known to have higher success rates than other moves on the chart. you say âThese are known to be very reliable and some are known to be far less reliable.â With all that being said the fail rate for retail traders is still estimated to be in the high 80-90 percent range. So knowing that I think itâs safe to say that a chart pattern "being reliable is literally one of the smallest factors if you are trying to earn money from the markets. Thereâs even a study that came out a couple years ago that studied the validity of chart patterns and it pretty much said most of the talk surrounding their success is not true. I can link it or send it to you if youâd like, itâs pretty cool.