Do not place a trade based on news forecasts. There is much more going on that a simple “this news report is good for the GBP therefore GBPUSD will go up”. Some major news reports are times when the big institutions realign their medium to long term trades. It is also a time when traders that have been hedging trades in stocks with trades in FX (and many other products for that matter), will change positions.
So, if there is a positive news report for the USD it can mean that some traders relinquish their hedged trades in FX making the price action do something you didn’t expect.
Hi,
Thanks for the insights. Appreciated. I was already in the trade when this news happened and it moved against me. Yes I take your advise.
Regards,
Muthu.
Hi WRTM19
The upper trend line is exactly the same i drew. The lower trend line in my chart was connected couple of hours earlier.
I was already stopped out of that break out :rolleyes:
I loosed my trade today too
1.6540ish. Entry candle upper wick was lower than that, so I thought it was a good place for stop loss.
Definitely a tricky day for me as a newbie with this method.
Are you still on the trade? 
It’s a crappy day for a breakout trade really but at the time the price action looked like it was moving.
lol…it did look that way. Didn’t last but. 1 pip I got out of that “move”.
EU wasn’t much better.
Crappy day indeed.
pretty often I’ve noticed. Check out the advanced trend lines and ssd thread and draw some fan lines. you’d be surprised.
Thanks for the information. This thing looks so nice to see and i am sure it is no coincidence. Will check the other thread too. As this is not my main trading method, i didnt pay much attention to trend lines and fib levels. Now it interests me more.
Regards,
Muthu.
…and daily Pivot Points I might add.
They are very useful with this strategy …
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PP’s give you an idea WHERE PA is @the start of time period
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PP’s give you extra S/R levels
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PP’s help you to determine your T/P
Also, Pivots acting as another compass so to speak.
Thats good to know. Thanks for your kind information. For most of the time i am active in the thread Joy of Candle stick trading by Tymen. I learnt a lot from this Gentleman and still learning the tricks of the trade.
Muthu.
So anyone take profit from today trade? me not! -40 pips!
Behaviour of GU all week was a bit odd.
Last Friday of the month you’d think might add to profit taking as institutional traders aim to hit their targets but they probably made so much in the weeks before and on Thursday that noone was trading 
Seriously, who knows… :rolleyes:
break even, I had my stop a bit higher than most at the top of the trendline (top of 7am GMT candle).
Thank you for your thoughts SanMiguel. Appreciated.
Muthu.
You’ll note how at the latter part of the afternoon, it dropped like a sack.
yes it did…More like a rock though !