The FOMC is completely reversing the original trend (since beginning of the week) of some currency pairs. Wednesday is notoriously known for its tendency to reverse the trend of the week by the way.

Dragon Riders GBP/JPY

Good for you. However, the problem with partial profit taking (for example the trader liquidates half of his position after X pip gain) is that you lose double (or more) when the stop is hit first, since you are betting 2 units (or more) right ...

Dragon Riders GBP/JPY

+50 pips, moving stop to break-even.

Dragon Riders GBP/JPY

Hi, It is extremely hard to make a living (or even just earn some beer money) scalping the Forex spot market. The odds against you are overwhelming, even if your FX broker is totally honest. And I am not even talking about the intense stress that ...

Dragon Riders GBP/JPY

It will go up, of course, wink wink! Alright, enough Forex for today, I am going out for a Sushi.

Dragon Riders GBP/JPY

GBP/JPY is currently having a hard time breaking through that 140.40 area. That's a good sign, that means the breakout to the upside is going to be huge, so watch out you short sellers out there...

Dragon Riders GBP/JPY

I understand. But if you are convinced it will go there, shouldn't you be long, and then short when it does reach that level?

Dragon Riders GBP/JPY

I suppose your are long, then?

Dragon Riders GBP/JPY

True, but the payoff can also be huge... And most of the time, financial reports just boost an already existing trend.

Dragon Riders GBP/JPY

Nah, GBP/JPY is going to fill the gap (142.30), my friend Like I said earlier, GBP does not like gap, it makes "him" very nervous and moody. But yes, there is a resistance at 141.15.

Dragon Riders GBP/JPY

Bought GBP/JPY at 140.27, 40 pip stop.

Dragon Riders GBP/JPY

GBP/JPY is now testing the important 76% Fib level (from beginning of the week). This is the moment of truth folks, will this level stop the uptrend or are we witnessing a complete trend reversal...? For traders who want to bet on the downtrend this ...

Dragon Riders GBP/JPY

Well, seems like these London traders changed their mind Cordially.

Dragon Riders GBP/JPY

Out at same price, trade is going nowhere.

Dragon Riders GBP/JPY

GBP/JPY is of course waiting for the all important GBP Consumer Price Index report (today 4:30 AM New York time) to make its move. In the meantime, yawn yawn.

Dragon Riders GBP/JPY

Short at 139.15 35 pip stop. Let's go.

Dragon Riders GBP/JPY

+15 pips, eh? That means the drinks are on me then.

Dragon Riders GBP/JPY

Out at 139.20 (possible breakdown of the uptrend line, 5-min), +20 pips. Oh well.

Dragon Riders GBP/JPY

Not sure what caused that 30 pip drop, must be the Yen. Anyway, 139.20 is still a good support area, so far...

Dragon Riders GBP/JPY

Who says anything about scalping?? Do you seriously believe the average retail trader spends his time scalping the Forex all day? Come on. That said some FX brokers can and do play tricks on some traders, no doubt, especially the scalpers and other ...

OANDA Discussion