Long USDJPY
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I told you a while back the Aussie Dollar is strong and really that should be the one I traded.
I also told you that when everyone was screaming to go short the Yen pairs because of an over bought RSI and other wonderful ideas they thought of, I said it could quite easily be a pullback or a consolidation. Which it has turned out to be.
What they really should have said: “It was a take profit level from the last leg up”. But of course they haven’t been trading it so they wouldn’t see it that way.
What I’m saying now is that the momentum has waned in the YEN and we have to be selective. The weaker currencies are lagging on this move against the YEN and I’d leave them alone and focus on the strong ones. I jumped on the USDJPY because of the Dollars strength but the Aussie Dollar is stronger.
Why did I focus on the YEN again? Mainly because so many people were talking about shorting the YEN pairs. I was even showed a video of a T/A guru telling all his followers to short the YEN pairs. I smiled and thought I must remember do the opposite to that when the time is right!
All I need is timing, good management and the right YEN pair plus an understanding of the right time to jump off, the rest is pure profit!
When the time comes to short the YEN pairs I will be on it but as I said its not yet. No matter what analysis is done by over analytical people who keep telling us what we should do.
This is one type of reason why people know how to trade but can’t make money. All of us that do trade for a living end up bumping into the over analytical brigade but we manage to steer through and focus on our trading rather than listen to their views.