Thank you all for your support, some of you have asked about the trend how to trade etc, it was never my intention to teach people, except when I get the fund going but I will share with you all what 8 years of trading has taught me.
Firstly, you can be a great analyst but a poor trader, these are two skills you have to learn, they do not come together, there are no books I have ever read that talk about being a trader, plenty of books about analysis. Being a trader means you are ready to risk money without caring, each and every trade will mean nothing to you. If a position goes against you, it is hard not to get upset, but each trade is telling you something. If it always goes against you then you are getting in too early, you need to work on patience. If you are always losing, why is this so are you maybe doing what I use to do, and fighting the trend?
Do you trades run or are they always being stopped out, if you are then you are not looking for extremes or trading on the wrong time frame. Most people would love to hit trades that run for 300 to 1000 but they close early or simply cannot find them. To make trades that last for weeks or months at a time you have to go on larger timeframes, the weekly or monthly charts are good for this.
If we are in a trend and it is fresh maybe a couple of weeks old, then look at what a weekly retrace looks like on that market, in the GBPJPY a retrace is 900 to 2000 pips against the trend. So if you want to sell the GBPJPY then wait for a 1000 pip retrace, look for support and resistance and go to the hour chart, wait for spikes and engulfing candles and then sell on an hourly retrace.
I am going to enroll people now, and it is possible we see a reversal on Monday 18th Jan especially in stocks which will also pull the yen crosses up I think. The GBPJPY has a 10 to 11 week cycle currently, and we are approaching 30 weeks from the top, last week was week 29.
I have two price levels that are interesting for me on the GBPJPY, these are 165.38 and 163.56 163.56 is a support and resistance level so although there is the potential for more downside, this is a point where I would suggest caution, although we can make 50 to 100 pips in this range quite well, I would not suggest going short here as the possibility is that there is a large retrace coming and unless you want to hold a 2000 plus move against you it is better to wait, if we have a continuation of a 10 week cycle then march is the time to look for the end of the retrace and that would tie in nicely with the 1955 cycle.
Firstly, you can be a great analyst but a poor trader, these are two skills you have to learn, they do not come together, there are no books I have ever read that talk about being a trader, plenty of books about analysis. Being a trader means you are ready to risk money without caring, each and every trade will mean nothing to you. If a position goes against you, it is hard not to get upset, but each trade is telling you something. If it always goes against you then you are getting in too early, you need to work on patience. If you are always losing, why is this so are you maybe doing what I use to do, and fighting the trend?
Do you trades run or are they always being stopped out, if you are then you are not looking for extremes or trading on the wrong time frame. Most people would love to hit trades that run for 300 to 1000 but they close early or simply cannot find them. To make trades that last for weeks or months at a time you have to go on larger timeframes, the weekly or monthly charts are good for this.
If we are in a trend and it is fresh maybe a couple of weeks old, then look at what a weekly retrace looks like on that market, in the GBPJPY a retrace is 900 to 2000 pips against the trend. So if you want to sell the GBPJPY then wait for a 1000 pip retrace, look for support and resistance and go to the hour chart, wait for spikes and engulfing candles and then sell on an hourly retrace.
I am going to enroll people now, and it is possible we see a reversal on Monday 18th Jan especially in stocks which will also pull the yen crosses up I think. The GBPJPY has a 10 to 11 week cycle currently, and we are approaching 30 weeks from the top, last week was week 29.
I have two price levels that are interesting for me on the GBPJPY, these are 165.38 and 163.56 163.56 is a support and resistance level so although there is the potential for more downside, this is a point where I would suggest caution, although we can make 50 to 100 pips in this range quite well, I would not suggest going short here as the possibility is that there is a large retrace coming and unless you want to hold a 2000 plus move against you it is better to wait, if we have a continuation of a 10 week cycle then march is the time to look for the end of the retrace and that would tie in nicely with the 1955 cycle.