Hi, a quick update
I show in the video how I am managing the winning trade that Ashley called in the forum on Tuesday. Well done to him. Technically it was a good set up on M2 & M3 and on top of that the negative news about China stalling Australian coal imports was not a positive for the Aussie economy.
Then last night (UK time) Governor Lowe of the Reserve Bank of Australia, made comments about the need to cut interest rates and yet it didn’t seem to affect the Aud, at least not straight away.
I decided to risk leaving the trade open through the news and moved my stop to entry.
I was guessing that the employment news would not be positive.
When I got up this morning and saw that the news was in fact much better than expected I presumed my trade had lost. Wrong again! The Aud dropped and is still going!
The moral of the story is unless you are already in a trade with the stop to entry, do not:
a) try pre guess what the news will be and
b) how the markets react. Forex can seem completely illogical at times.
I show in the video how and why I took some profit on the Aud short and moved the stop on the balance. Murphy’s law it’s still dropping, but I had many reasons to believe that it would run out of steam at 0.7100.
Brexit: Today is supposed to be Decision day according to Boris Johnsons self-imposed deadline.
There are 3 scenarios:
a) A deal is done… highly unlikely
b) the deal os off and the UK walks away…. highly unlikely
c) A “fudge” where both sides agree to keep talking…. most likely… but its a guesstimate. I will not touch the €uro/Gbp tody but show why I am still tempted to take the GBP if it drops, but halving the risk.
Here are a couple of articles for those who want to know more about the Brexit talks and today’s EU summit:
Sky News: No Deal Today, so what happens next?
All explained in today’s update video:
New members, please note: If I am looking to take a trade long, for example, 1.5000, I place my order 10 pips above & 10 pips below for a short. This is because price often does not quite reach a major line and you need to allow for spreads.
We are NOT a “tipping service” our aim is to teach you how to trade for yourself.
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