That vote……

GBP will drop if there is a YES vote at 6am tomorrow morning, my advice set up orders but put them far enough away not to hit a whipsaw. In fact, I have mine in place.

When the market is going to move far in the other direction based on news, they normally take the currency pair in the opposite direction PRIOR to the news.

All the best everyone – also I have a new broker USG, they are based in Australia and also have a debit card Mastercard for access to your funds.

Click here to visit them.

Morning Trade GBPJPY buy

 

SignalTrader Trading System is suggesting a buy GBPJPY Stop 170.630 entry 171.014 TP 172.224 Target 124.10 pips (nice!). We have UK news @ 9:28 which if could could trigger a retrace up. However GBP has a habit of rallying prior to news on the anticipation of retail traders which could nicely knock us up into safe trading with a 16 pip trailing stop.

http://www.iwanttobeaforextrader.com < get your copy of SignalTrader Trading System.

Update

I moved my stop back because of the small hook but it was in profit anyway it has now moved up and I’m 36 pips in profit. Will let you know where we close but I am still looking for 171.064

Trading news with SilverTrader (and other Indicators).

Don’t there is no point. 🙂 I lost 10 pips. That’s a lot for me. So I am BANNING myself trading during serious news.

This includes:-

FOMC
NON FARM PAYROLLS
ANYTHING ELSE WITH THREE !!!
on http://www.fxstreet.com/economic-calendar/

USDJPY buy SilverTrader

SilverTrader is suggesting a USDJPY buy I have an order in 103.059 in target 103.665, stop 102.885

(DO NOT TAKE THIS TRADE I AM NOT RESPONSIBLE IF YOU DO)

Here’s the Hourly chart with the targets SilverTrader has drawn.

Now SilverTrader Confirms Congestion and you can see the diamond underneath the congestion box with the long tail.

 

Update US NEWS Rally and then drop back.

Ok – there was a small rally and then drop back, I had already moved my stop inside my open so I stopped out with 0.46$ profit. I have created a new order at 103.144 as I’ve decided i need it to move this sort of distance for the order.

I also have a sell USDCHF on which has just kicked in. I then closed this (with a teeny profit) because I think it’s a fake signal, I think the pair are actually going to move up due to FOMC – the FOMC thing is making the markets behave strangely. Holding my buy USDJPY but I don’t expect to see it go.

Update All Trades Closed before FOMC USDJPY though is showing BEARISH signals!

Could the Markets be hinting at what is to come in 30 minutes?

 

What is the dollar index & EURUSD break hook and go example.

DXY or USDX on Pro Act Trader charts.

The dollar index is a good way of seeing how the dollar is fairing against the rest of the world on one chart.

Wikipedia describes it as…

It is a weighted geometric mean of the dollar’s value compared only with “baker” of 6 other major currencies which are:

So how do we use it when trading, well you can actually trade the dollar index, but if you are trading other currencies you can see the pressure the dollar is putting on the world.

There is no point buying GBPUSD if the dollar index is in a strong uptrend, EURUSD is even more affected by it and the CHF trade follows it.

I watch the dollar index more than anything else in fact in terms of my trading. It really helps to make good longer term decisions.

I recommend this video (clicky)

EURUSD break hook and go.

Take a look at this from this morning.

See how there was  a sell signal on the white dot that continued until market data pushed against the trend. I joined the sellers down there on bad FRENCH PMI, then it promptly went against me for 20 pips because of other good EUR news.

At that point it bounced off and started retracing back into the trend, it had nicely squared up the candles from yesterday and so another sell went on at the top. Now there is no further news till 13:30 so it should float neatly down, also going for another 55 pips from where the white dot appeared as those traders (the big boys) will be looking for that.

At least 75 pips profit unless the news breaks it at 13:30, I will go flat before then (move my stop to $0) if I have not already moved it down.

Update – I didn’t have to wait long!

Well, I didn’t have to wait long…. – ofcourse this candle will need squaring up.

Now I want to see it below the next support. It’s a big move if it gets past that. Do not enter now it is too close to that target.

Note: I do not recommend beginners trade EURUSD, its a volatile old pair. In fact I’m only trading them because one of the trading competitions rewards you for EURUSD profits.