Signals Review (Feb 22 - Feb 26)

[Crazy Cat]

Hi there

This is Crazy Cat, with the review of the week.

This week, we were watching 4 economic indicators and none of them hit my triggers.

However, I would like to comment UK GDP q/q

We had +0.1 deviation on UK GDP q/q. The reason why I did not want to trade it with such small deviation is a possible risk that the price may reverse. This is exactly what happened. GBP/USD went up by about 15 pips and then it reversed and went down by about 75 pips. I am glad I did not buy on the spike so that no trade was a good signal. I really prefer a no trade than a loss. I know that some people shorted GBP/USD, and of course it worked well for them. It is, however, outside of the scope of my trading style so I simply stayed away.

There are many styles you can try; I have my own style, and I follow it consistently so no regrets here.

Here is what happened:
Forex news trading currency exchange charts

The other reports were very close to expectations so there is really nothing to review.

Have a good Sunday!
--Crazy Cat

 

[barabanLT]

why GBP went down?

Hi, i really cant get it, why GBP went down, if report was +0.1?
Does anybody have a clue?

P.S. sorry if it's a silly question, I'm a newbie in news trading

 

[zarni]

Hi, i really cant get it, why GBP went down, if report was +0.1?
Does anybody have a clue?

P.S. sorry if it's a silly question, I'm a newbie in news trading

........revision

 

[PipStar]

Hi, i really cant get it, why GBP went down, if report was +0.1? Does anybody have a clue?
P.S. sorry if it's a silly question, I'm a newbie in news trading

........revision

Reason is manipulation pure and simple. GBP being in a downtrend you will notice each time the news is not big enough to go long it will rise at first to catch anyone that straddles then run hard the opposite way.

It even happened last GBP Retail sales when it dropped sharply then to immediately run fast long the opposite way against the trend.

Market operators (brokers, banks etc.) and anyone else acting as a counterparty have to make money too and they take it from us traders