Overnight and before the NFP, JPY and to a much lesser extent USD continued to strengthen.
There were short MTFM trades on both GBPJPY and EURJPY, the GBPJPY being better. However these only gave about 1:1 reward to risk before anticipation of the NFP caused volatile fluctuation and hitting of stops.
After the NFP there was a long MTFM trade on EURJPY that is up about 1.2:1 reward to risk and still open right now.
In the bigger picture on the daily charts, all the JPY pairs seem poised to give pin bars against JPY, signalling that perhaps the sharp strengthening of the JPY over recent weeks is over, at least for a significant retracement, and possibly for a change in trend. Monday could give further clues.
Recent moves in JPY have been wild and massive, though technically orderly, and show every sign of continuing to give good trading opportunities.
The AUDUSD short Demand Return trade I highlighted yesterday did work out, however the first signal was very weak, engulfing less than a pip, and given very late right at NY close so I passed on that and slept during Tokyo session. However it gave excellent reward to risk of about 18 to 1!
A good weekend away from the screens to you all.
The strategy with the highest win rate that I have heard of is the London Close Strategy:
ReplyDeletehttps://www.authenticfx.com/scalping-forex.html
Unfortunately for me the London close occurs when I’m sleeping, so I only traded this strategy for a relatively short period. However, I was very
impressed with its accuracy. At the time its authors were claiming around 90% win rate, although I think that “baskets” particular trades.