Scalping GBPJPY

Here's an update to the GBPJPY I'm trading tonight. I said before that I'll be fading these different levels to and not really counting on the big moves when there isn't much volume in the market. So to illustrate, here are the trades I've been active in since the last post.

<138.84 138.99 stopped. 15 pips lose

<138.84 1st profit 138.60 +24 (no need to close this trade due to the strong pull to the downside)
2nd profit level 138.13 or just above that. 138.18 stopped (more then +60 pips) and went long to fade back to pivot again

>138.18
1st profit 138.50
138.49 stopped (+30pips)

< 138.49
1st target 138.18
138.20 stopped (+25 pips)
and so on

I realize its not the best or most productive way to trade but when the markets are narrow like this and before the London session opens (and I'm really bored), I find that I can usually pick up a few pips. I certainly get my share of losers this way but if you're managing the trade properly and closely a person can do alright and you can keep your losers pretty small (5 to 10 pips, 15 max). Of course you have to be willing to watch the charts and monitor what is happening. And that is not always what a trader wants to do...sit and stare at the charts. Unless that is, you have no life.

One more note: I wouldn't recommend doing this type of trading with a fixed spread or deal desk broker. Not only is the spread way too much for me to want to tolerate but many deal desks, that I know of, really frown on scalping. And there are other reasons that I won't go into right now. The biggest spread I've had so far with this pair is 5 pips. Not uncommon to have a 3 pip spread or less. This also works especially well for me on the EURUSD at a 1 pip spread, GBPUSD at a 3 pip spread, and USDJPY at less than 1 pip spread.