No Trades This Week
March 8, 2007 by Trader Rich
I have not had a GBP/USD trade all week which is a good thing considering the pound has been stuck in consolidation mode since Monday. I'll try to be as ready as I can but I'm not expecting to get a trade off this week. The GBP/USD will probably break out of its consolidation pattern tomorrow morning after the NFP report and I usually don't trade the NFP.
I really have to take some time this week or over the weekend to rewrite my trading plans. I pretty much know them already by heart but I think it's important to get it down in writing. I'm just feeling very disorganized with my trading right now and hopefully this will help. It's also unfortunate that priorities in my full-time job have taken over but I'm hoping to get a handle on everything soon.
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Since the Pound & USD have reached parity with their rates and the Yen carry trade is being tossed about I have switched from trading the GBP/USD to the GBP/JPY. I use a similiar system as I did with the GBP/USD, but i’m finding that the GBP/JPY trades to the 50 figures quite routinely. It’s volatility we need as traders which is why I switched from the EUR/USD to GBP/USD some time ago, and now to the GBP/JPY. Trading opportunites abound everyday with this pair. Even though the ratio is .82 vs a full 1.0 im finding my total pips gained per trade is much higher. You may consider the pair.
Thanks Gaspar. I have looked into trading this pair and certainly like it’s daily range and volatility. I’ll look into it more. Thanks for the tip.