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Currency-trading-ideas

GBP/JPY Short Opportunity: Capitalizing on Channel Structure andI have created this GBP/JPY short market idea due to the favorable technical setup observed in the chart. The currency pair has been trading within a downward channel and the previous high presents an ideal point of entry for a short position. The liquidity at the previous high, indicated by the volume profile, adds to the confluence of factors supporting this trade idea. The downward channel structure combined with the high liquidity at the previous high provides a strong basis for my decision to initiate a short position in the GBP/JPY market. Please note that this is not investment advice and past performance is not a guarantee of future results. Trading always carries risk and it's important to conduct thorough research and analysis before making any trading decisions. Thank you for your attention.
Short
by RobespierreDBeUnlimited
1
Characteristics of Currency PairsHey Guys! Here are some characteristics of currency pairs that I noticed over the years. Perhaps it'll help you find the pairs that best fit your trading style, or perhaps you can use this information as an add-on to your current strategy. Gbp/Usd - Tends to overshoot key levels. - Can use to get better risk/reward. Both on entries and targets. - Can expect many fake breakouts; where key higher time frame levels may be broken on the lower time frames but fail to break out on the higher time frames. Eur/Usd- Tends to accurately respond to key levels. - Can be used for tight stop loss placements for there is no need to add a couple pips for wiggle room on this pair. - Especially on this pair, remember to enter/exit without being greedy or scared. Due to the response accuracy at key levels, price will not give you a second chance to enter a trade or take profits. Usd/Jpy-Tends to have huge moves without price confirmation.In other words, price gets forced up or down by a higher power for months at a time. - Can use to ultimately enter counter the initial direction of the forced move; expecting price to return to fair value. - Can use this characteristic to ride this forced move while not requiring price confirmation for your entry. Usd/Chf- Tends to have false break outs. - Especially on this pair, remember to watch the lower time frame's price action to make sure the break out is legitimate. Eur/Jpy, Aud/Jpy, Gbp/Jpy tend to form trade set ups simultaneously. - If you notice a strong move occuring on the eur/jpy, pay attention to the aud/jpy and gbp/jpy for possible trade opportunities and visa versa. That's it! I hope this helps! Ken
Education
by TradingForexPriceAction
3