Gpbusd bullish movement today!

Trading Discussion
1

Hi All,

I’m a complete newbie still, and trying to suck information like a sponge!

I’m gone through a lot of information about technical and fundamental analysis. Right now, my brain is so full that I’m having a very big fart!

Anyway, yesterday a saw in youtube a guy trading price action with a 3 to 1 risk ratio, so today I woke up and thought great! let’s short the GBPUSD. I think this market is so crazy, that if you dig deep enough, you could find Technical and fundamental stuff to both trade long and short this pair.

As I’m so farted in the brain, I don’t even know what to do yet, but my gut tells me risk management is the only fixed rule I have to keep. Next I need to combine all the knowledge and experience I adquire in order to make my own trading strategy.

Back to the topic, I would like you guys to post your theories on what caused today’s GBPUSD bulish movement little after the London Opening. Technical and Fundamental theories are welcome. Also we all know it’s easy to brag about theories after it happend, please be honest. Also bearish failed theories are welcome. It will be interesting to see different points of view.

Upon my own investigation, I see there was a report affecting GBP today. I don’t know the exact time, because in the daily fundamentals by Pip Diddy he says “the services PMI, will be on tap at 8:30 am GMT” but in the economic calendar it says 9:30 am GMT. At what time was it actually??

The spike occured exactly at 8:30 London Time, Which is currently UTC+1 due to lightsaving. So what do you guys think? Was the move caused by the report?, Is it worthed to wake up early and sitck the the news posts? Do pro trades get the reports before release time? Does the time in the calendar have to bi fixed?

Lol so many questions I’m lost already… Anyhow, I will much appreciate the comments!

Thanks guys! Have a good trading! :32:

2

It’s a big news week this week as Non Farm Payrolls come out on Friday. Usually, liquidity starts drying up on the Wednesday and Thursday so relatively minor news can make the market whipsaw.

Take a look at Forex Calendar @ Forex Factory (make sure you sync the website time to your own under settings) - this site will show you when major news is about to hit the market.

This isn’t a good week to try and figure out what’s “typical” in the market :slight_smile: - Normal service will resume next Tuesday.

3

+1. I made so many trades today I got sea sick. :frowning: Trading this week is definitly not for the faint of heart

4

Still not a good time to think about bulls. I must say it’s a nice retracement and dropped 120 pips within 15 min.

Let’s see how Cable going to close this week

5

Hi The Daytrader,thanks for this info,i wondered what on earth was going on.I checked the strength indicator which said the GBP was strong,oops,its normally quite good.