WARNING: Rant enclosed
On GBPJPY right now - I don't care who you are - you don't know what way it is going to go, up or down.
Everyone has an opinion, based on their own views. Or more popular, if they don't have views of their own, they copy someone else's views. The game of the markets is that you express that view beforehand, backed up by whatever reasons you have (which could be literally anything).
Then, when the price breaks out in your direction, you crow loudly about how fantastic your analysis is and how you are a hotshot trader with remarkable market insight and anyone who doesn't listen to you is stupid, because quite obviously you are someone who is serious about markets.
If price breaks out in the direction against your view, you shut up for a while and hope no-one notices. Or blame some other extraneous circumstance for interfering with your top-notch analysis.
What complete rubbish. The movement of the market neither validates or invalidates your prior view. It just went in one of the three directions it can only go - up, down, or sideways.
So, get over yourself and just admit,
you don't know. Once you can get down off your high horse and make that admission, you can get on with the important things in trading - controlling your losses and exploiting your gains.
That's my rant over for today!
