Hi Naivetrader / Marius - I can understand why Marius is shorting the GBP / JPY today after it peaked at a high of 131.09. Basically on the 4hrs and the daily it is OB and even on the weekly and monthly its at a point were last time it reached these levels on special oscillator settings it dropped 700-1200 pips.
The problem is with this pair is that its a big mover and therefore for it to move 200 pips either way is nothing - so it no good trying to work on smaller stops ( unless you are scalping and even then you still need about 25pips on it lol )
The GU as also gone up well this morning and should be pulling back - but my only concern is the "Olympic Games" effect on the pound during the next few months.
The 3 day rise on the G Y as been over 350 pips - so you never know the next week it might drop 400 pips!
Marius way is fairly unique - but I know it works for him and he is prepared to hold and wait for his results. I suppose Marius and I are like "chalk and cheese" - but I do respect and understand his strategies etc even though I rely a lot more on shorter term techniques.
So some time today whilst under 131 - I might be joining him in sells :-)
I opened sell GBP/USD order 3 at 1.6118
I opened sell GBP/USD order 4 at 1.6185
I opened sell GBP/USD order 5 at 1.6280
how many more position you plan to sell gbp?
Depend by market movement
i saw your last three, so every 100 pips you are shorting ?
I closed again sell GBP/JPY order 5 at 129.93...from 130.83...+90 pips
great again marius! gbpusd is going alright as well. I plan to let my short from 131.5 run till 129.00 Lets see when we get there.
Thanks again for sharing your trades with us.
Dont worry kobe..will reach our target..I make alot money than who are buy
I closed sell GBP/USD order 5 at 1.6225 from 1.6285...+60 pips
I closed again sell GBP/JPY order 4 129.50 from 130.08 ....+58 pips