Just trading the range in the EURJPY… easy enough?
Sometimes trading it’s as easy or as difficult as you want it to be.
If you try to trade the most complicated currency pairs, it’s going to be difficult, and by complicated currency pairs I mean pairs that have no clear support and resistance levels, the market is no clear enough, you have absolutely no idea what the market is up to, etc.
On the other hand, you can trade currency pairs that have clear support and resistance levels, of course you’ll never be certain what the market is going to do, but there are times when you know what the market is likely to do, and that my friend, is what we are after.
Take a look at this chart:
What do you think the EURJPY is likely to do?
If it’s been trading in a short term range, then it is likely to continue to trade in this range. Now, if it’s been rejected from the bottom of the range, then it’s likely to continue its way up until it reaches the top of the range.
Ok, now we know what to do, all we need is to find our entry level.
Are you using the probabilities on your favor? Are you trading the currency pairs have the clearest market condition?
Or you are jut trading the same pairs over and over?
Share your thoughts.