Daily FX Training | Learn Forex with the Dynamic Traders: Screening The Mind

Good Morning Dynamic Traders!

Yesterdays market behaviour was almost a fickle as my senses.

Unable to conclusively observe a suitable set up, I correctly chose to tighten the grip on open positions and lie low in anticipation of a clearer picture; a confession to those of you in expectation of my daily note.

I am keen to review the GBPJPY cross today.

The monthly chart shown below highlights the weighty and momentous support area.

Price cascaded almost 600 pips since Mondays update (blog 12 Jan) forming a wider view of a perfectly formed "double bottom"!!!!

GBPJPY monthly chart Advanced Get

Below is the daily chart for the same

Traders' dread has witnessed price remarkably (though expectedly) retrace at high speed to a marked fib breather point and almost to this weeks start line!

Knowing traders may be aware of the huge clues this rapid movement emits for succeeding price action.

The secret is to pay careful attention to a signal in either direction.

Using your BOB and filter techniques, together with your own trading stance, (be it aggressive or conservative) allow the occasion to present itself for a welcome barter.

Remember well - the best traders believe the uniqueness of each trading situation and permit the market to unfold as it desires, before grasping the occasion!