Thanks P, I was counting my eggs before the chicken came along this morning, price whipped down 100 pips into my profit zone within seconds of placing the position this morning, I actually thought it was a platform error - but as you’ll see it was immediately corrected minutes after the hammer came down!
I’m a sucker for the 50% retrace, as you’ll no doubt have gathered by now
That was 100 pips lesson that should always place your stop my friend.
Also a lesson that you should read posts… I was short
And for what it’s worth, had I have been long, a stop would have been very much useless, slippage would have been immense.
Also my stops are typically anywhere between 50 and 150 pips, so damage limitation. I’m not one of the players here who use 20 pip stops and get excited by an engulfing candle - they can play all they want, and they will get burnt too 
Good idea, I usually don’t have positions open for the weekend.
Anything can happen in those 2 days!
Good information man.
I think anything can happen, we may need to keep an eye on the next news.
jorg, you are right re anything can happen, it’s good to get a sense of what is likely to happen.
Politics is a big game but politicians are actually quite predictable and on the back of that it’s possible to predict how they will act and on the back of that it’s possible to get a handle on Market reaction.
I mentioned back 2 weeks ago the likely reaction of Pres Trump on Saudi noises on trying to get oil prices up, and you can see how WTI has behaved since.
I would say trading in such special circumstances is more gambling than trading- I just remember the big meeting in Davos when Trump said in his speach “he wants a strong dollar” everyybody who observed the meeting knows what happened some seconds later to EUR/USD… i think short term thinking on intra day basis like this has priority,nobody knows whats going to happen with the Spaniards concerning Gibraltar and so on, just fancy whats going to happen when they decide to deploy a sea blockade around the rock…
- I read a good strategy for such dangerous periods: have a special account only for these situations, you just fund the account with the money you are willing to loose and thats your stake. So the "normal"trading account is not affected.
Nobody knows what’s going to happen - period.
Best we can do is figure what the market thinks - long term and short term and then go with that.
The market expects the Spanish to vote with the 26 on Sunday, if not then GBP is a sell.
You mention Pres Trump and Davos - the day before his Treasury secretary at a presser said a weaker dollar is good for us - usdx fell around 1%.
Next day Pres Trump first said I don’t like to talk about usd but “ultimately I want to see a strong usd” since it reflects a strong economy (Jan25 2018)
Here is the USDX - arrowed on the President’s comment.
The market has thought that the President’s remarks about the correlation on US economy and USD strength are correct and the market is always right.
Well, just a cheeky update from the above trade
Entry:
and jumping out early for the weekend at just shy of +100 pips, a little over 1:1 RR
It’s always pleasant to see price following assumptions, even if it doesn’t go ‘all the way’
Initial TP target was 1.2752
Next week will be interesting, i’ll be keeping my eye on the channel that’s forming
Jezz, it looks good for the channel, Spain cannot ‘veto’ the agreement but the 27 want everyone on board, so some chin wagging tomorrow.
The market will be happy for the short term if there is unanimity.
Hello,
Brexit will be on 25NOV, will you open your positions now? or wait until the market opens, next week.
On Kash’s post re Pres Trump - as we know the President is a businessman, he reacts instinctively as such, but as President his words carry much weight in the market (as witnessed re Davos and USDX above).
That was almost a year ago, more recently he used his strength as businessman and politician to influence the market.
On Veteran’s Day the Saudis sought to push oil price up by making an announcement via Reuters on production restriction.
The President had flown to Europe and after a long schedule was on the way home - likely tired and jet lagged when the Saudis made their move.
When his staff informed him Monday likely his first thought was how did oil price react - he would have seen a gap up.
I cautioned on buying for 3 reasons, first was the President. I was mindful of what has happened in Turkey and how the President was restrained, here was an opportunity to exert influence where it hurts most - in the pocket/wallet.
Pres Trump has since thanked the Saudis for holding oil price down - that’s his way of saying ‘don’t mess with the US’.
WTI since the Saudi intervention:
Oh no it won’t !
“Chamberlain in drag” is almost certain to be unable to get her silliness through the uk Parliament in 3 weeks time - IMO IF Spain is told not to step out of line market may drift up a little - but the big move will happen at “UK Parliament Vote” or just before - beware of trading THAT “News”
It’s confirmed that Mr Sanchez will attend tomorrow - all 27 are on board - a remarkable show of unity with such divergent interests.
Likely quiet on GBP buys/sells, back to TA for now.
Learn to avoid certain trading conditions and tempting trades if you don’t know what your doing
don’t reinforce bad habits chasing dramatic swings
create and respect a rule set
get your head screwed on proper when your still learning
Early yet but GBP quiet on all fronts , no gaps worth noting, some buying.
All eyes now fixed on UK parliament, think I’ll take a little break, perhaps the calm before the storm.
Off to expensive Dublin to spend some Gbp’s in Euroland while the going is good
Looking for a short at 1.2887 in GBP.USD - SL at 1.2970 (80pip SL). TP at 1.2725. Lets see how this plays out over the next day or two should it get triggered.
Regardless of the fundamentals this is a pure systematic set-up
Looking for a short myself looking to see if it’ll break the 1.28 & go lower. Not looking to be greedy want a quick in & out trade. SHORT @ 1.27990 - TP 1.27890-50 - SL 1.28200.
EMA/MA potential crossover for SELL confirmation as well.
Obviously a real volatile time period. Let’s see what happens…
I’m putting all of my money on this - it’s a done deal, we’re going to back out 
could you imagine the chaos and the implications - no doubt we would be told to adopt the euro as a punishment. That’s for sure never going to happen.
Can’t wait for Pandora’s Box to be opened…and so the story continues…
