Increase in wisdom and increase in knowledge
WOW! That is what I say to the analysis of the Geppy. I have seen the price drop from 145 to 138 in a few hours and then, retrace back up to 143 then back down to 139 several hours later. The GBP/JPY conform to THX price movements very closely and to a lesser extent, the DJIA.
I was able to take profits on the initial downward spiral to 138 but had an issue with thinking it would still continue to tank after that fall. The trend and fib levels were correct but the fib level and the exhaustion of sellers found the initial retracement pretty strong.
I kept some positions from 138 and took a loss on these when I thought that retracement would be shortlived.
After that I stayed out since it wasn't too clear to me which way the market was heading. I didn't have time to analyze it further. I did have to go to work.....
Now, I see that the US/UK market price movement, especially such a big one, will usually see the opposite(retracement) occur in the Asian market. Now, the Fib levels are verrry accurate as well as MA/EMA's on the 30/60/240 TFs.
But the potential was there for the drop, retracement, and drop again to be in positive pips with little negative pips. Potentially, into the multiple 1000's of pips.
Next week promises to be equally volatile. So I will be utilizing one of my micro accounts for position setup.:-0
Things that I MUST keep in mind:
WARNING:
PIGS get slaughtered.
When your not sure, don't enter!!!!!!!
Confirm your charts on multiple TF as well as confirm with currencies that correlate and inverse to the pair being considered! Then, CONFIRM again!!!!
Also, looking at eSignal service for price volume and this is VERY IMPORTANT to know if the buyers or sellers are exhaused and can confirm the finals of a price movement.
We'll I'm also taking the MSN Trader's challenge and see what happens there.... I'm in the top 6 % now. :clap: However, I haven't made nearly as much money as the top 2%....
This takes backseat to the demo accounts and Real accounts though. Delayed entry and exits on MSN challenge accounts on top of it as well!
VERY GOOD WEEK!!!!! I can't wait to continue with more in REAL account funds! I will continue with the small account I have and demo accounts honing my entries and exits as well as confirming my trades.
I seem to be confirming my initial outlook of being primarily a swing trader. Not too keen or good at scalping now.
WOW! That is what I say to the analysis of the Geppy. I have seen the price drop from 145 to 138 in a few hours and then, retrace back up to 143 then back down to 139 several hours later. The GBP/JPY conform to THX price movements very closely and to a lesser extent, the DJIA.
I was able to take profits on the initial downward spiral to 138 but had an issue with thinking it would still continue to tank after that fall. The trend and fib levels were correct but the fib level and the exhaustion of sellers found the initial retracement pretty strong.
I kept some positions from 138 and took a loss on these when I thought that retracement would be shortlived.
After that I stayed out since it wasn't too clear to me which way the market was heading. I didn't have time to analyze it further. I did have to go to work.....
Now, I see that the US/UK market price movement, especially such a big one, will usually see the opposite(retracement) occur in the Asian market. Now, the Fib levels are verrry accurate as well as MA/EMA's on the 30/60/240 TFs.
But the potential was there for the drop, retracement, and drop again to be in positive pips with little negative pips. Potentially, into the multiple 1000's of pips.
Next week promises to be equally volatile. So I will be utilizing one of my micro accounts for position setup.:-0
Things that I MUST keep in mind:
WARNING:
PIGS get slaughtered.
When your not sure, don't enter!!!!!!!
Confirm your charts on multiple TF as well as confirm with currencies that correlate and inverse to the pair being considered! Then, CONFIRM again!!!!
Also, looking at eSignal service for price volume and this is VERY IMPORTANT to know if the buyers or sellers are exhaused and can confirm the finals of a price movement.
We'll I'm also taking the MSN Trader's challenge and see what happens there.... I'm in the top 6 % now. :clap: However, I haven't made nearly as much money as the top 2%....
This takes backseat to the demo accounts and Real accounts though. Delayed entry and exits on MSN challenge accounts on top of it as well!
VERY GOOD WEEK!!!!! I can't wait to continue with more in REAL account funds! I will continue with the small account I have and demo accounts honing my entries and exits as well as confirming my trades.
I seem to be confirming my initial outlook of being primarily a swing trader. Not too keen or good at scalping now.
