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April 27, 2009

GBP/JPY 4 hour chart with TCCI


I hope some of you were able to take the break-down of this GBP/JPY setup I posted earlier in the day. The trade at the break of this channel netted a nice 3 digit gain in pips,  +155, with another 30-40 left on the table...I am going to start posting more and more FOREX charts with the setups I am seeing and taking.  Please feel free to send me an email with questions and or ideas for things I should cover.  Since the true pain began in this financial crisis, I have shifted trading styles and markets to adjust to the current environment. As traders, we are constantly faced with changing environments, but the normal pace of such changes has taken a fairly drastic increase in pace. When the information we use to make decisions in our day to day trading becomes impossible to gauge due to abnormal circumstances (as in the case of the ongoing government tampering in the financial markets) it's always a good idea to evaluate your trading styles, strategies, methods, and markets.  Even during times when things are constant, doing this type of system evaluation on a yearly or even monthly basis is a good idea. Our edge is our weapon, and without a sharp and properly wielded edge, trading becomes an entirely different ball of wax.  Stay sharp, and your edge will too. 


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