GBP/JPY long from demand zone
Here we have a demand zone on the Pound/Yen daily chart. I'm really liking this zone and think it will hold true. COT Data suggests that the GBP could be turning soon and that also is taken into account for this trade. Commercial traders have increased their net long to over 60,000 on the, taking profits as the Pound has been taking a beating, while large speculators are net short about 50,000 and have actually been increasing their shorts along the way. Large speculators are wrong about the markets almost all the time and tend to add to short positions as price continues to fall. Using knowledge of how commercials traders are positioned gives great insight for predicting possible future movement. Furthermore, doing the opposite of Small Speculators can prove to be valuable as they also tend to be wrong a majority of the time.
Join me in SmartMoney Trading Center, a FX focusing trading group... we have many knowledgeable traders and are always appreciative of increasing our following, while getting the added benefit of more ideas/opinions/brainpower: discord.gg/6HK3cQe
Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. Past performance is not indicative of future results. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Results may be based on simulated or hypothetical performance results that have certain inherent limitations. Also, because these trades have not actually been executed, these results may have under-or over-compensated for the impact, if any, of certain market factors, such as lack of liquidity. No representation is being made that any account will or is likely to achieve profits or losses similar to these being shown.
NEVER take a trade based on what you see in this presentation. I will not be held responsible for any losses that occur in your account. You and you alone are responsible for deciding if you are comfortable accepting the risk involved in forex trading.
Join me in SmartMoney Trading Center, a FX focusing trading group... we have many knowledgeable traders and are always appreciative of increasing our following, while getting the added benefit of more ideas/opinions/brainpower: discord.gg/6HK3cQe
Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. Past performance is not indicative of future results. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Results may be based on simulated or hypothetical performance results that have certain inherent limitations. Also, because these trades have not actually been executed, these results may have under-or over-compensated for the impact, if any, of certain market factors, such as lack of liquidity. No representation is being made that any account will or is likely to achieve profits or losses similar to these being shown.
NEVER take a trade based on what you see in this presentation. I will not be held responsible for any losses that occur in your account. You and you alone are responsible for deciding if you are comfortable accepting the risk involved in forex trading.
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