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August 28, 2007
GBP/JPY Predictable Trade, Quick Money!
August 28, 2007
From The Trading Desk of Peter Bain:
Today, I’m going to turn my attention to the GBP/JPY pair,
thanks to one of our members – Ken Vogt. To quote him:
“My favorite trading pair is GBP/JPY of late, which runs
easily 100+ pips. I have been just jumping in initially, and
then scaling my way to the total number of lots I want,
about every 15/20-pip profit move. Example: I want a total
of 10 lots - I open with 2, to reduce risk ... then, add 2 lots
every 15 pips (stack or cascade) that moves in my favor.”
Right now, as I write this, Monday, Aug. 22/07, 10:50 pm
ET, price is below the 200 EMA on all chart levels –
translation: the trend is down. We have selling pressure
on the daily chart, in the form of a Tom Demark resistance
line – and, price is below the 200 EMA, which is angled
down. Price tested that level, but was usurped just after
midnight by the fulfilment of a Tom DeMark price
projection on the 4 hour chart. Once that was
consummated, price started to trend down, and has done
so ever since. This once again illustrates the power of the
200 EMA, and how other tools (like Tom DeMark’s) can aid
in determining price direction and profit potential.
-Peter
forexmentor.com
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