As nobody is sending any new posts, I thought of sharing a trading strategy I am trying out on GBP/JPY on 5 min chart setup. Basically it is a swing trading setup, with buy 5 pips above the swing high or vice versa. All buy trades are shown on the chart with a stop loss and reverse (sell) setup. Since the charting software is showing the sell price, I have to add 10 pips for spread and 5 pips above this, which explains the difference! I am trying this out from start of European session until about early US session. I am of the opinion that this pair may hit close to previous's day's high and then pull back.
Today's trades so far are 6 lots buy @ 145.02 average and a stop loss @ 145.50. If the stop gets hit, then it is 288 pips profit for today. I shall updatre the outcome tomorrow.
Happy trading!
anon
PS: Naftula - hope you are well, and can start blogging again!
