Anyone trading GBPJPY?

[cowpip]

I was away from the screens when the news hit as well. No biggie... I hadn't planned on trading anything until after the news hit the wires anyway. There's always a pull-back of some sort to hitch your wagon to on these intraday frames. I was hoping for a slightly deeper pull-back post-ISM, but it doesn't look like it's going to work out that way this time. It was a pretty ugly report.

[torero]

This week GBPJPY has been behaving much better, none of that erratic whip and pull stuff like end of Jan. It fits my style better to just pyramid positions nice and slow. I can do this all life!

[Nautilus1]

Hi,
I'm tradingforex since several y and using a autom.Softwaretool since 6months. Depending on the market flow and my own risk management, this system kept me in the market on a save base. On the other side, when I was trading in different systems without autom.Signals, I've got lots of difficult moments, as we all know, handling the question, where to put the stopline/TP-line. However in the moment I feel quiet save and I'm trading also GBP/JPY and all the other high speed pairs (not together !). But now I must not whatch all day so I can be also focused to different markets(CFD,Stocks, Futures) as well in the same time.

[torero]

Good for you, nautilus? What software do you use to automate your strategy?

[mark66]

thanks for the info.

[torero]

Is it me or is the last few days the GBPJPY and EURJPY markets have been in a tight range? I've been getting a lot of false breakouts here. Not sure if it's the beginning of the month thing or what. Even somewhat important news don't seem to budge them too far.

[Sparrow]

I'd say the range is still pretty good for trading just not for trend following. Time to take a break for traders who capitalized on last weeks drop-retrace-drop action.
Could just be a minor pause before conditions change again.

[milliard]

Not surprising really torero. Geppy has plumbed 10 handles (1,000 pips) in 3 session closes from the strong 213.0 ceiling, stalling out at decent support from 4th Q 05-1st Q 06. Fierce thrusts like that require a breather to assess the damage before considering their next move.

Risk aversion has continued to spook these instruments & the 2 way flows will be jerky affairs until one side or the other gains a confident foothold. These pairs, particularly Geppy, sure require a trader to adopt & embrace a well defined trend/range combo strategy.