True. Now add leverage (up to 100 to 1) and the trader could end up in the poor house in a matter of minutes, if not seconds, due to the extreme volatility of these "financial" (yeah right) instruments.

Dragon Riders GBP/JPY

One day paper money will simply disappear (and FX trading too by the same token), and bullshit money like bitcoin will take over. This digital one-and-only-one-currency-for-all is only one of the sinister projects of the New World Order Elite. But ...

Dragon Riders GBP/JPY

You are both right of course, but technically speaking banks and other financial institutions still use the USD as a reference (and also the Euro to some extent) for all foreign exchange transactions. For example there is virtually zero liquidity ...

Dragon Riders GBP/JPY

The problem is that GBP/USD is going down, while USD/JPY is going up, so buying or shorting GBP/JPY is a low probability trade at the moment. I mean if the cable AND the yen are not telling the same story, then it seems more reasonable to look for a ...

Dragon Riders GBP/JPY

Out at 146.55, I'll take that 35 pips now Mr. Dragon, thannnnnk you! Now go brush your teeth or something.

Dragon Riders GBP/JPY

The Yen itself is stuck in some kind of broadening pattern on the 5-min, a chart pattern of dubious reliability as far as breakouts are concerned.

Dragon Riders GBP/JPY

The cable is pulling the dragon down, while the yen is somehow lifting it up.

Dragon Riders GBP/JPY

Long GBP/JPY 146.20, 28 pip stop, target is 40 pips. Now let's go Dragon, fly.

Dragon Riders GBP/JPY

A good entry point for GBP/AUD would be long at 1.6950, if it's not already too late.

Dragon Riders GBP/JPY

Thanks. Now watch out for the bear trap during London (daytraders only).

Dragon Riders GBP/JPY

Out at 146.10, + 50 pips. Total for the day : +30 pips (50 - 20). Soon the London traders will reverse the whole freaking intraday range, I can feel it in my bones

Dragon Riders GBP/JPY

Yes of course, but in this case we were more interested about their respective correlations and their relative rate of change.

Dragon Riders GBP/JPY

GBP/AUD is really moving, looking for entry point...

Dragon Riders GBP/JPY

It is possible, yes. After all GBP/JPY only made a 1220 pip move so far this year, so it still have a lot to cover, "and miles to go before it sleeps..." (like the poem says, well almost Lol)

Dragon Riders GBP/JPY

You are welcome. Another important tip : make sure the moving averages are in the correct order, for example the 50 moving average must be above the 100. And the 100 itself must be above the 200. When the price is above these 3 averages AND the ...

Dragon Riders GBP/JPY

If you want to use moving averages for trend direction I suggest you use a triple moving average setup (50, 100 and 200 for example), as this will allow you to avoid a lot of false buy/sell signals and stay with the trend much longer. Here is an ...

Dragon Riders GBP/JPY

Yep Start doing the exact opposite then, add to winning positions only and play's with the house's money. On the downside use a simple 35 pip stop for example and get out when the currency triggers it. You can always re-enter later, if the ...

Dragon Riders GBP/JPY

Cool Hand Luke ended up with a bullet in his neck, remember? (By the way, Paul Newman never ate a single egg - let alone 50 - during that famous egg-eating scene, according to an interview he gave on TV.) Out GBP/JPY at 146.60, minus 20 pips ...

Dragon Riders GBP/JPY

Sure, as long as the trader is on the right side of the market. But watch out otherwise, or you will be singing the Blues... video

Dragon Riders GBP/JPY

Uh-uh, failed breakout from a descending channel on the Yen, 1-min. Not a good sign for short term Dragon buyers... Thank God the cable is moving up.

Dragon Riders GBP/JPY