Marc Walton on June 5, 2013
Hi,
we have all warned this week about the need to be VERY careful. Price
is simply hanging around like a drunk in a bar at the moment. Price is
going nowhere for hours, then news comes out, BANG price races off and
then goes back to hanging around. Monday was a good example I placed my
orders to long the $/Yen and Euro/Gbp as per Sundays analysis. I went
out thinking nothing was likely to happen and got back to find both had
over reacted to news and suddenly I was 130 pips in profit.On that occasion it worked in my favour and probably because these were big moves to major areas as pointed out on Sunday. This type of move is the only one I will consider today. Smaller moves can and will be taken out with news as was the case with Mondays Aud which was taken out by the same announcement.
I show in the video how bollinger bands are closing on many pairs, this is a further indication that price is drying up. I will be out of the markets for the rest of the week by the end of today. Tomorrow sees a ton of red flag news and especially the Gbp & Euro interest rate releases and press conferences. Price is likely to go nowhere leading up to these, then go mad during or after the Euro conference.
Finally Friday is NFP (Non Farm Payrolls) is THE most volatile, erratic scheduled news release for the month and I NEVER trade it and recommend you do not either.
New members please note: If I am looking to take a trade long, at 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. For more up to the minute updates do not forget to drop by the forum
Pierre, Vassilis (Capsmart), Raa, Omar, Mary, and other experienced members will be available in the forum to give you a more up to the minute assessment & whether they see any potential trades lining up in the next few days. Many members tell me this is the best forex forum there is (no back biting & bitchiness, nor spam, that spoils most forums) and all members are happy to help new visitors. Its a great resource, USE IT: Forex Forum