bkarcha1

Building a case for shorting the GBP/JPY

Short
FX:GBPJPY   British Pound / Japanese Yen
There are so many factors in my decision to enter a trade, but I always start with the wider time frames. You'll see a number of the confluence factors I've put together is found or more dominantly seen, on the wider times frames (i.e. weekly, monthly, quarterly) and just for the clarity I always start on the widest frame and work down to the narrower views. You can see that today this chart hasn't produced an entry quite yet. But I think that's where we as Trader's need to be looking because "Point and Shoot" trades have a big disadvantage to begin and that is they are normally based on emotions for that day, "I haven't traded for awhile, gotta put something on", and that'll drain an account faster than a ketchup dispenser at MacDonald's. So, that means we need to be ahead of the market. Why am I trading right back into the MA's here? Well looking at those wider time frames again you'll the MA's are actually an advantage.

So, I'm sure there are many opinions on this, please feel free to fire away any thoughts!
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