Ok so we have GBP GDP figures this morning and I have been looking for a suitable trade. GBPUSD is of prime interest, I’ve used STROBOT’s set up on it and the chart to take an entry order after the last support @ 1.70360. You can see that the pair has been in a bullish trend for a whole but has been dropping with USD strength.
My stop is at 1.69612 Strobot’s suggested stop and my TP at 1.71908.
This is purely a manual speculative trade. I want to give the pair room to whipsaw which it probably will. thus my entry is 42 pips from price. This pair can move a lot of pips.
So target is 145 pips from my entry but we have to get 42 pips up first. With this pair this is absolutely not a problem and a 200 pip move is not uncommon, the last was on the 12 of June.
STROBOT decided he’d take a LONG GBPCHF!!! 2 minutes before news – a much better choice I think.
FOMC last night was the usual explosion. Anyway – SilverTrader DID correctly predict a buy but unfortunately it was just impossible to trade due to the fact the market moved so fast!
I also discovered that my customers were placing their trades far too close to the congestion so I have built in a new “red box” that is a NO FLY ZONE for trades to make sure they don’t get caught out.
Here’s a sample
So here is today’s trading video.
TRADING UPDATES (CHECK BACK FOR MORE!)
Look at the potential profit from this USDJPY sell if it happens, retracing back from last nights FOMC – thanks to SilverTrader my sell order is in a safe place, close enough to catch the fire, but far enough away to be safe.
Ok there is an opportunity for a sell forming on the MACD/BOLLINGER BAND setup. Details here
You can see that the trade has left the bollinger bands and the streams are about to cross (like Ghostbusters!), I would imagine this will end up back in the long term bearish channel that it’s been sitting for quite some time.
Sorry I’ve not been posting as much as normal but I’m unwell at the moment.
I’m very puzzled. Very very puzzled to why the price of the EUR does not have the various things such as :-
The Cyprus vote today
The possible ECB rate cut
The bad data that keeps appearing
Priced in. It seems the bullish EUR just keeps rising when I would have expected something. This means though that if either one of these 3 or all of them continue, or happen, the EUR could drop like a lead balloon.
I have orders on SELL EURJPY, EURUSD, EURGBP below the current breakout level. If Cyprus quits the EUR today I’ll be in quite a bit of happy moolah, if not, I’ll just take the order off.
There is a sell opportunity forming on the hourly/4 hourly chart for EURGBP at the moment. The pair has moved away from the bollingers and the streams have crossed (sounds like Ghosbusters). Hopefully today will be positive for GBP. To be honest I’m not quite sure what has held EUR in this position.