GBPJPY is a beautifully volatile pair. At first it scared the shit out of me, but with some chart time behind the wheel I've come to appreciate it. Occasionally when I'm trading USDJPY I just feel stuck - painful ranging. 4 pips up, 5 pips down. Whether I win or lose, I just want the pair to make up its mind.
With GBPJPY, you don't usually have to worry about that. You might have to stomach some drawdown, but during the session opens it can be quick to pick a direction. 8 - 12 pips is all I need to be set. Then I'll come back and do the same thing the next session.
We can see that GJ was making higher highs and higher lows, signifying an uptrend. We consolidated, respected the 14 EMA, broke resistance, retested, pushed up and closed out positions for a solid ~12 pips. I usually enter at the session open or slightly after, but on this position I entered slightly before.
